July 2008/2

A united response from broker trade bodies to a discussion paper from the Financial Services Authority (FSA) mooting mandatory commission disclosure is likely to be published in September, according to the Lloyd's Market Insurance Broker Committee (LMBC).

PartnerRe Ltd has become the latest reinsurer to enter the newly-deregulated Brazilian reinsurance market after receiving approval from the market regulator, SUSEP.

PricewaterhouseCoopers (PwC) has appointed Gavin Phillips as its new head of London Market and Lloyd's insurance group.

Already beleaguered by depressed rates which are likely to continue to fall, European insurers could see their bottom line further eroded as economic conditions worsen and margins are sapped by the rise of direct sales, according to rating agency Standard

Lloyd's has had its A (Excellent) financial strength rating affirmed by rating agency AM Best with a stable outlook, on the basis of its expectations of stable underwriting discipline through 2008 and into 2009.

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

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.

AIM-listed broker THB Group has appointed former Euclidian chairman James Truscott as managing director of its new underwriting agency Unicorn Underwriting Ltd.

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.

Property and casualty insurers continue to outperform other financial services companies but are more likely to be overlooked by investors who don’t understand the sector, according to Morgan Stanley.

New Insurance Australia Group (IAG) CEO Michael Wilkins detailed a much anticipated restructure last week that will see the Australian insurer withdraw its investment from Lloyd's Syndicate Alba and sell some of its UK-based motor insurance operations.

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.