June 2007/1

Lloyd's has finally ended the central fund litigation saga after agreeing a settlement with the contract’s two broking firms, Benfield Group and Aon Ltd, who placed the five-year £500mn contract.

Rating agency Standard & Poor’s (S&P) raised the outlook Bermudian reinsurer AXIS Capital Holdings to positive from stable last week.

The Financial Services Authority (FSA) has published its final fees and Financial Ombudsman Service levies for UK regulated firms for 2007 and 2008.

Bermuda-based (re)insurer Omega Insurance Holdings said it is "extremely pleased" with trading so far this year in a statement following its AGM.

Swiss Re is to sell the UK life operation it acquired as part of its takeover of GE Insurance Solutions (GEIS) in 2006.

Mitsui Sumitomo is set to launch the latest aviation start-up in Lloyd's with capacity of up to $200mn and a team of former Wellington Underwriting staff.

Hiscox's chief operating officer and G6 chair Sue Langley is leaving the insurer to join Lloyd's as director of Market Operations and North America.

Ironshore Inc has confirmed the appointment of Mike Mitrovic to head up claims at its new professional liability US-based subsidiary IronPro, a move first revealed in the May issue of The Insurance Insider.

Former Whittington duo Richard Whatton and Stephanie Mocatta have joined insurance services company Independent Services Group (ISG) to target distressed insurance entities for acquisition in Bermuda and the US.

Fast-growing Australian (re)insurer QBE Insurance Group Ltd closed deals to buy US subsidiaries from Hannover Re and AXA totalling almost $2bn last week.

Trade body Risk Management Insurance Society (RIMS) has called for mandatory disclosure of all broker remuneration in response to what it sees as broken promises from brokers on the acceptance of placement fees.

Munich Re has led an innovative $110mn reinsurance programme for the World Bank-sponsored Caribbean Catastrophe Risk Insurance Facility (CCRIF), which went on risk for 16 countries in the region on 1 June.