July 2007/5

The Association of Run-Off Companies (ARC) has announced a number of changes to its board adding three new appointments while its deputy chairman, Peter Abbott, has stepped down.

Insurance giant American International Group (AIG) is facing lawsuits from two Minnesota workers compensation insurance associations seeking $100mn in damages for alleged fraudulent business practices, according to reports.

Bermuda-headquartered (re)insurer Catlin Group announced the appointment of a new aviation team head, based in Paris.

The Consumer Federation of America (CFA) accused US insurer Allstate Corp of excessively raising home and auto insurance rates and using questionable practices to settle claims.

Bermudian reinsurer IPCRe warned last week that its 2007 profits would be affected by the recent storm and flood events on opposite sides of the globe in the UK and Australia.

Capita CMGL has confirmed the reinsurance to close (RITC) transfer of the run-off Duncanson & Holt Syndicate 55 to a new Lloyd’s syndicate backed by CarVal Investors LLC, as first revealed in the July issue of The Insurance Insider.

Lloyd's was described as a "perfect fit" by Ariel Re chairman and CEO, Don Kramer, after the Bermudian firm agreed its £193.2mn deal for Atrium Underwriting plc.

London market professional risks insurers have continued to suffer falling rates during the second quarter of 2007, with reductions of up to 20 percent in the period for directors and officers (D&O) risks, according to broker Willis.

Broking network Unitas Alliance has confirmed the appointment of former Endurance Worldwide Insurance Ltd CEO Mark Boucher as non-executive chairman of its new underwriting agency, as revealed in the July issue of The Insurance Insider.

Lloyd's insurer Hiscox plc has acquired a portfolio of kidnap and ransom business from the broker Aon Ltd.

Lloyd's insurer Amlin plc's announcement of plans to set up a Singapore office is the latest in a series of moves by market participants and the Corporation to directly access business in the Asia Pacific region.

Loss estimates from the recent earthquakes and typhoon that have hit Japan continue to spread as insurers count the cost.