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.

Rapprochement for AIG and Greenberg; Sullivan nets $47mn pay-off; Marsh receives Qatari licence; Enstar shares fall; Paris Re RISC ratings affirmed; AWAC deal could net Darwin chief $9mn; Ariel Re appoints new chairman

Lloyd's close to appointing China chief; RBSI deadline extended; Hiscox mulls plans for new syndicate; RSA fires Fusion; AIRMIC delays claims index plans

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).

Insurance Australia Group (IAG) will announce a major restructure on 9 July that is likely to see large chunks of its UK operations put up for sale.

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

Fears that the well of legacy transactions would run dry as tight credit conditions took hold appear unfounded, as the first half of 2008 yielded eight significant deals - maintaining the run-rate of the last two years.

Insurance specialists Kennedys and Davies Lavery have announced that the two firms will merge from 1 September 2008.

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

The bond fraud case successfully brought by Markel International and QBE against executives of Surety Guarantee Consultants Ltd (SGC) and a former Templeton Insurance director has been referred to the City of London fraud squad.

Atlanta-based Troutman Sanders is planning a move into the London insurance market following the firm's merger with US insurance boutique Ross Dixon & Bell.