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July 2009/2

  • US pension fund giant the California Public Employees' Retirement System (Calpers) has sued the big three ratings agencies over the rating of structured investment vehicles (SIVs) relating to sub-prime mortgages.
  • American International Group (AIG) is accelerating steps to position its American Life Insurance Company (ALICO) subsidiary for a spin-off, as it continues to assess strategic options for the US life business, which may yet lead to a trade sale.
  • Former Arch Insurance Company (Europe) president and CEO Bob Van Gieson is joining Hyperion's underwriting agency Dual International as chairman and chief executive.
  • The General Insurance Corporation of India is on the slip for the Tupolev TU-154 passenger aircraft that crashed in northwestern Iran, killing all 168 on board, The Insurance Insider understands.
  • Omega Insurance Holdings has been endorsed by AM Best with an affirmation of the ratings on its Lloyd's and Bermudian operations, as the agency highlighted the group's strong capitalisation.
  • Lloyd’s insurer Ark Syndicate Management has entered the contingency market with the appointment of former Miller Insurance contingency broker Dan Goggin...
  • Private equity-backed Integro Insurance Brokers turned its cash flow positive for the first time last quarter.
  • The regenerative nature of the reinsurance broking sector has once again been demonstrated, with former Benfield Group directors John Coldman and Michael Rees preparing to reunite with ex-colleagues...
  • Broking group Jardine Lloyd Thompson (JLT) has recruited the London-based Aon Benfield duo Alastair Rodger and Kevin Timmons to build a corporate finance arm.
  • A look at the history books reveals that when a financial institution collapses, litigators often turn on the professional services firms it has used in search of restitution.
  • The saga of Validus' initially hostile takeover of IPC had more twists than a soap opera...
  • Lloyd's looks on course for record 2010 capacity, as a flurry of the market's (re)insurers submit plans to increase their underwriting base.