June 2007/3

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.

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.

Converium Holdings has announced that its chief risk officer, Markus Krall, will leave at the end of June citing personal reasons.

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.

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.

The National Association of Insurance Commissioners said that it will step up its efforts to overhaul reinsurance regulation in the US before addressing the collateral charges faced by alien reinsurers.

Catlin Underwriting Agencies CEO, Paul Jardine has been elected as the new chairman of the Lloyd’s Market Association (LMA) to replace ACE Europe’s CEO and chairman Andrew Kendrick.

Alliant Insurance Services Inc became the latest US insurance broker to succumb to overtures from private equity investors when it confirmed last week that it had agreed to a takeover from The Blackstone Group.

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.