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.

The trial of the 'Independent Three' – the former directors of the collapsed UK insurer Independent Insurance – began last week at Southwark Crown Court, London.

European insurance companies ignore the planned Solvency II regulations at their peril, according to a report by rating agency Standard & Poor's (S&P).

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.

AXA has agreed to sell its Dutch insurance operations to SNS Reaal for EUR1.75bn, the French giant announced this morning (4 June).

Insurance outsourcing firm Axiom Consulting has parted company with its CEO Vince Wooding, Insider Week can reveal.

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

Cayman Island-based Greenlight Capital Re Ltd raised around $258mn through the completion of its initial public offering (IPO) and a private placement, it revealed 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.

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.

A team specialising in insurance transactions has joined law firm Sidley Austin’s global Insurance Practice in the New York.

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