July 2008/3

Tropical Storm Dolly motion is expected to move into the Gulf of Mexico and head towards the US/Mexico border later in the week, according to the United States National Hurricane Centre.

Law firm Clyde & Co has hired Susan Stryker, formerly of Sterns & Weinroth, as it seeks to expand its US (re)insurance practice.

Rating agency Fitch Ratings has cut the outlook for Insurance Australia Group (IAG) from stable to negative having highlighted a number of challenges for the embattled insurance group.

Towergate Partnership subsidiary Towergate Financial has raised over £100mn to establish a national independent financial adviser (IFA) operation which it plans to build with the acquisition of regional IFAs.

Oval Insurance Broking Ltd has appointed Marcus Simeoni to head up its London market casualty team.

The scheme of arrangement on the four EW Payne Pools has been approved in the UK High Court.

The final defendant in the cases related to illegal payments made by Milberg Weiss has pleaded guilty to a charge over tax.

Chinese insurance premiums were up 51 percent year-on year during the first six months of 2008, according to the country's financial regulator.

European insurance and reinsurance trade body, the Comité Européen des Assurances (CEA) has renewed calls for an extension to regulation granting the insurance industry the ability to bypass certain competition laws.

London-headquartered (re)insurance broker Cooper Gay & Co Ltd secured £31.6mn of new funding last week which may help the fast-expanding group finance new acquisitions.

Aon Ltd has recruited ZFS executive Mark Chessher to become its chief financial officer later this year.

Bermudian (re)insurer ACE Limited has completed the redomestication of its holding company from the Cayman Islands to Zurich after receiving shareholder approval.