July 2008/1

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.

As predicted by The Insurance Insider, Capita Group plc and Marsh UK finalised their 10-year outsourcing deal, worth £187mn, that will see around 600 staff transfer to the outsourcing firm.

Former RenaissanceRe president Bill Riker will join Benfield Group Ltd as a non-executive director on 1 September 2008.

Around 30 Lloyd's Names face bankruptcy after losing a key court case last month over claims that they had been misled over reinsurance to close (RITC) which means Lloyd's syndicates take up business from prior years.

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

Speculation over a tie-up between Chicago neighbours Aon Corp and Arthur J. Gallagher & Co has been rife since Willis threw down the M&A gauntlet with its proposed $2.1bn acquisition of US retail broker Hilb Rogal & Hobbs.

Pricing and trading in the industry loss warranty (ILW) market has boomed with the start of the US wind season in June.

Mining wordings are being re-written in the most comprehensive fashion for 20 years as the industry seeks to recover from disastrous first-half losses, The Insurance Insider has learnt.

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.

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

The energy market, which saw the arrival of new capacity in the form of Ironshore-backed Anemos in May and First Reserve-backed Torus last month, is reeling following a depressing second quarter claims experience.

The "naming and shaming" of London brokers by the Market Reform Group (MRG) over their failure to adopt a key electronic initiative that could speed up the payment of premiums from brokers to (re)insurers appears to be working.