June 2008/1

Hawaiian governor Linda Lingle has signed a new law making the transfer of insurance-linked securities to the capital markets more efficient for captives.

The auditors of failed insurer Independent Insurance have been fined £500,000 and ordered to pay costs of £1.15mn by the UK accountancy watchdog after a tribunal found the firm's conduct "seriously below the appropriate standard".

Paul Jardine, COO of Catlin Group, has been returned as chairman of the Lloyd's Market Association (LMA).

Bermudian run-off specialist Enstar Group Ltd has agreed to purchase the failed UK listed (re)insurer GoshawK for £45.7mn ($90.3mn).

With $720mn backing from energy sector specialist private equity firm First Reserve Corporation, Torus Insurance Holdings Limited (Bermuda) has formally launched in time for a 1 July start, as predicted by The Insurance Insider.

German reinsurer Hannover Re has reached an "exclusive agreement" with Indian reinsurer GIC Re to develop and underwrite life reinsurance business in India, the group has announced.

French reinsurer SCOR has revealed that it will be launching its Americas "hub" in New York to help increase its presence in the market.

Rating agency AM Best has downgraded the issuer credit ratings of American International Group (AIG) just days after the insurance giant announced CEO Martin Sullivan's resignation.

Jardine Lloyd Thompson Group Plc (JLT) has acquired HWS Holdings Limited (HWS) with its two Lloyd’s broker subsidiaries for up to £8.75mn, as predicted by The Insurance Insider.

Martin Sullivan has resigned as chief executive of American International Group (AIG) after bowing to mounting shareholder pressure over the company’s performance that has slumped on heavy credit losses.

Space insurance underwriters are facing the prospect of yet another loss with the failure of a Kazakhstan communications satellite in orbit, The Insurance Insider can reveal.

Lloyd’s listed (re)insurer Beazley Group plc has promoted group finance director Andrew Horton to take over from Andrew Beazley as its chief executive.