June 2007/3

The long-running commissions dispute which saw RK Carvill sue its former client XL Capital and a number of reinsurers was settled at the end of last month when a US court ruled in favour of the reinsurance broker.

Lloyd's has taken a significant hit on its Central Fund dispute after settling with Benfield Group and Aon Ltd, but will be relieved the long-running dispute is over.

Dominic Fodera, a former director of failed Australian insurance company HIH, has been jailed for two years for authorising a prospectus with a material omission.

Lloyd's insurer Novae has entered the UK property market with the appointment of an ex-Wellington Underwriting team.

Lloyd's announced last week that it is to return to the debt markets with a benchmark issue of between £300-500mn in Tier 1 perpetual subordinated debt.

US (re)insurer Liberty Mutual has continued its series of hurricane linked cat bonds with the launch of the $150mn Mystic Re II.

Bermudian (re)insurer Validus Holdings Ltd has increased the size of its pending initial public offering (IPO) to $350mn following its $382.2mn acquisition of Lloyd's based Talbot Underwriting Holdings.

Two subsidiaries of Paris Re, the former reinsurance arm of AXA Re, have been assigned an initial rating of A- by Standard & Poor's (S&P).

Airline rates witnessed double-digit falls for the eight consecutive month, with lead hull and liability premiums down an average of 18 percent during May, according to a report by Aon.

DUAL International, the fast-expanding financial and professional lines underwriting agency, is to part company with its chief executive James Gerry following his resignation, The Insurance Insider understands.

UK broker COBRA Holdings has announced its intention to seek admission to the AIM stock exchange with a planned £10mn float.

BP Marsh & Partners plc, the London-based investor in specialist insurance and other financial services, has revealed a 15.4 percent growth in its net asset value last year.