June 2008/1

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

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.

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.

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.

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.

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".

Brit Insurance Holdings Plc has signed an agreement with Jardine Lloyd Thompson (JLT) to provide capacity for the broker's new "micro-SME" facility.

The solvent scheme of arrangement for Australian insurer Suncorp Metway Insurance Company is unlikely to proceed after gaining insufficient support.

Arthur J Gallagher International has welcomed aboard Simon Matson, who was due to join the firm’s new joint venture onshore/offshore "boutique" energy subsidiary on 2 June, The Insurance Insider can reveal.

Despite US Treasury Secretary Henry Paulson’s recent comments that "we are seeing signs of progress as capital and credit markets stabilise", the (re)insurance market will "feel the effects for some time to come", according to experts.