July 2008/1

Insurance Australia Group (IAG) has announced plans to withdraw its investment from Lloyd's Syndicate Alba and to sell some of its UK-based motor insurance operations.

Travelers' Lloyd's operation has been hit by the sudden departure of its head of global property Martin Pope, along with a team of underwriters, The Insurance Insider can reveal.

Shares in XL Capital slumped to below $20 in early July as three of the four major rating agencies warned they may downgrade the Bermudian (re)insurer as a result of exposure to doomed bond insurer Security Capital Assurance (SCA).

Our monthly column keeping a check on recent US and EU legislative and regulatory developments, in association with Sidley Austin LLP

Mr Justice Aikens has called for more feedback on current changes to procedures in the Commercial Court as part of an ongoing review.

An investigation into two former Aon Corp energy brokers is ongoing as the firm says no decision has been made over whether it will continue its involvement with two lucrative energy contracts in Indonesia.

Marsh is bringing back the Bowring name for a new division to put together its international placement capabilities for property, terrorism and casualty risks.

A two tier market continues among space insurers as underwriters demand significant rate increases on launch cover while in-orbit cover remains competitive.

Lloyd's is considering charging North American property & casualty underwriters a levy to retain four loss adjusters throughout the hurricane season, The Insurance Insider has learnt.

Energy start up Torus Insurance Holdings has poached Munich Re's London-based construction team, The Insurance Insider understands.

Plummet is often an overused term but it fairly describes the share prices of many of the Lloyd's insurers which are continuing to endure a torrid time on the back of the weakening economic outlook...

As the M&A winds continue to bluster through EC3, Bermudian-headquartered reinsurer Imagine Group Holdings Ltd's syndicates have emerged as the latest target for international (re)insurers interested in acquiring a Lloyd's platform.