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.

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.

UK regulator, the Financial Services Authority (FSA), has banned David King, the president of the unauthorised insurer CIC, from working in regulated companies for life.

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.

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.

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.

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.