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June 2007/3
  • Lloyd’s takes Central Fund hit following settlement
    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.
    11 June 2007
  • Former HIH director jailed
    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.
    11 June 2007
  • Lloyd's to reissue subordinated debt
    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.
    11 June 2007
  • Liberty Mutual continues hurricane securitisations
    US (re)insurer Liberty Mutual has continued its series of hurricane linked cat bonds with the launch of the $150mn Mystic Re II.
    11 June 2007
  • Aviation rates continue double-digit decline
    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.
    11 June 2007
  • DUAL chief executive to leave
    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.
    11 June 2007
  • COBRA plans AIM float
    UK broker COBRA Holdings has announced its intention to seek admission to the AIM stock exchange with a planned £10mn float.
    11 June 2007
  • Jardine elected as LMA chairman
    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.
    11 June 2007
  • R&SA goes east with joint venture
    Royal & Sun Alliance Insurance Group plc (R&SA) has entered into an agreement to acquire 50 percent of a company giving it access the fast growing Eastern European and Russian insurance markets.
    11 June 2007
  • NAIC to revamp reinsurance regulation before reducing collateral charges
    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.
    11 June 2007
  • Alliant succumbs to private equity overtures
    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.
    11 June 2007
  • Paris Re gets A- rating from S&P
    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).
    11 June 2007
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