June 2007/3

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.

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.

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.

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.

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

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.

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.

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

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.