July 2009/2

AJ Gallagher has struck a deal with the Illinois regulatory authorities that will enable the US broker to again accept contingent commissions, signalling the strongest challenge yet to the so-called Spitzer legacy.

The liability claim from the Tupolev Tu-154 passenger aircraft that crashed in north-western Iran on 15 July, killing all 168 on board, is currently estimated at up to $55mn, The Insurance Insider understands.

A US federal judge has upheld a jury verdict in favour of United National Insurance Company (UNIC) in a reinsurance spat with Aon Ltd and added $8.3mn in prejudgment interest to the amount the jury awarded to take the total payout by the broking giant to

The vagaries of financial accounting standards produced contrasting results for ACE Ltd and PartnerRe.

Bill Berkley, the CEO of US specialty insurer WR Berkley, is confident the sluggish US P&C markets are close to turning as the firm posted its second quarter results.

Fast-expanding insurer Torus Holdings has appointed Naveen Anand – CNA Insurance’s former senior vice president of commercial insurance – as global chief operating officer.

RK Harrison has said that the Lloyd's broker Bowood Holdings, which it acquired in October 2008, will become the group's specialist delegated authority broker from 1 October this year, operating under the name Bowood Insurance Brokers Ltd (BIB).

Transatlantic Re saw its book value per share increase 6.9 percent in the second quarter to reach a high of $53.47 at June 30.

AIU Holdings will operate as Chartis, after the commercial insurance giant announced a rebranding and took a step closer to independence from its beleaguered parent American International Group (AIG).

Beazley plc has launched the Lloyd’s interim reporting season with a fall in pre-tax profits from £45.0mn in the first half of 2008 to £20.1mn, as the expected unwind of last year’s foreign exchange gains hit the bottom line.

A major report on the competitiveness of the UK insurance industry has not called for a reduction in the tax burden, despite acknowledging that firms are relocating offshore.

IPC Holdings has reported bumper Q2 net income of $173.9mn, compared to $47.5mn for the same period a year earlier as operating earnings stabilised and a net loss on investments of $50.9mn swung to a gain of $77.4mn.