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.

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

Bermuda-based life reinsurance specialist Scottish Re Group is continuing its resurgence after gaining a financial strength upgrade from Fitch Ratings last week.

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.

Shareholders in Alea Group Holdings (Bermuda) Ltd failed to support the increased offer from the US private equity firm Fortress Investment Group (FIN) in a vote on 21 May...

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.

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.

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.

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

RenaissanceRe confirmed the launch of its second Florida-dedicated sidecar today (4 June) after it emerged that the impact of the state’s hurricane catastrophe fund expansion earlier this year may be less severe than first feared.

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.

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

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

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

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.

AXA has launched a further EUR450mn securitisation of its motor portfolio today, following its innovative EUR200mn FCC Sparc transaction 18 months ago.

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

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.

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.

Swiss Re has again returned to the capital markets to trade earthquake exposure with the launch of MedQuake Ltd, a $100mn cat bond covering Turkey, Greece, Israel, Portugal and Cyprus.