June 2008/1

Energy and property start-up Torus Insurance is set for a 1 July launch with an A- (Excellent) AM Best rating and backing from First Reserve Corporation, The Insurance Insider understands.

Jerry McArthur is stepping down as chairman of Capita Commercial Insurance Services (CCIS), The Insurance Insider can reveal.

Failed Bermudian (re)insurer Quanta Capital Holdings is to be sold in a $197mn deal to Catalina Holdings (Bermuda), the run-off acquisition company headed by former GoshawK chief executive Chris Fagan.

The Royal Bank of Scotland's (RBS) share price plummeted as Ping An became the latest potential bidder to drop out of the auction for the bank's insurance operation.

Towergate Partnership's pre-tax profits increased by 14.9 percent to more than £100mn in 2007 compared to the previous year, while deputy chairman Patrick Snowball has resigned from its board, the company announced.

The Association of Run-off Companies (ARC) has called upon expertise from across the industry to judge its Awards for Excellence in Legacy Management this year.

Our monthly column keeping a check on recent US and EU legislative and regulatory developments, in association with Sidley Austin LLP

Whittington Group has completed its exit from US run-off market with the sale of Americas Insurance company (AIC) to Independent Services Group (ISG) for an undisclosed sum.

Uncertainty over Bear Stearns' proposed acquisitions of Scottish Lion and its subsidiary Scottish Eagle has been resolved with the run-off insurers' sale to...

Turner named new FSA chairman; Blight leaves Canopius; Creagh-Coen joins Lancashire; Outsourcing delay hits Marsh; FSA invites feedback on regulatory transparency; Gallagher London new MD; Principle secures retakaful cover

Guy Carp appoints new Americas chief; Quake to cost Chinese insurers $43mn; Aon receives Saudi approval; EC welcomes subscription market response; Munich Re receives Brazil approval; Swiss Re warns on reserves; Monolines' further losses

Allianz Group's burdensome relationship with subsidiary Dresdner Bank continued with first quarter results hit by a EUR845mn write-down at the banking arm in "difficult market conditions".