July 2008/2

Following the withdrawal of Zurich Financial Services (ZFS) from the bidding process, the sale options for Royal Bank of Scotland's (RBS) insurance business look to be dwindling - along with the value the banking giant can expect to extract from the unit.

The Association of British Insurers (ABI) and the UK Government have agreed on a number of new initiatives to ensure that flood insurance remains widely available for years to come.

Marsh has made an out of court settlement with United Insurance Brokers (UIB) over claims that the broker poached senior aviation staff, according to reports.

Insured losses from recent flooding in the US Midwest could be "as large or larger" than those recorded during the Great Flood of 1993, according to Standard & Poor's (S&P).

Recently launched SME online marketplace Coverzones has secured further funding with an investment from UK insurer MMA as it looks to expand its business, The Insurance Insider can reveal.

The shareholder vote by ACE Ltd to redomicile away from the Cayman Islands to Switzerland closes this week with preliminary results suggesting support for the move.

The US Treasury and Federal Reserve has attempted to stave off a further deepening of the credit crunch with plans for a temporary increase in a longstanding credit line for beleaguered mortgage giants Fannie Mae and Freddie Mac.

The departure of a group of senior executives from the property division of Heritage Underwriting Agency plc will be seen as a major blow to Argonaut Group International Holdings, which bought the Lloyd’s insurer earlier this year.

Investor pressure is thought to have been the key driver behind Zurich Financial Services (ZFS) sudden exit from the bidding process for the insurance business of the Royal Bank of Scotland (RBS) announced last Thursday (11 July).

A sub-committee of the US House of Representatives has approved a measure that could lead to the creation of a national insurance office to remove state laws that conflict with international agreements.

The Securities and Exchange Commission (SEC) has revealed "significant weaknesses" in ratingspractices following a 10-month investigation into rating agencies Moody's, Fitch and Standard & Poor's (S&P).

Lloyd's broker SSL is to move into the reinsurance arena with a new division headed by former Glencairn executive Jeffrey Wright.