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June 2008/2

  • Run-off veteran Jerry McArthur will join Randall & Quilter Investment Holdings Plc (R&Q) as CEO USA and Bermuda after stepping down as chairman of Capita Commercial Insurance Services (CCIS).
  • Broker Aon Global UK has launched a compliance tool for buyers of global (re)insurance programmes.
  • Brit Insurance Ltd (BIL) has received a "negative" outlook on its insurance financial strength (IFS) rating by Fitch Ratings, following concerns over its regional UK expansion.
  • CV Starr has emerged as one of a number of candidates targeted by Lehman Brothers to buy a stake in the credit crunch-hit investment banking giant.
  • American International Group (AIG) has been ordered to give its former CEO and chairman, Maurice “Hank” Greenberg, access to company documents by the New York Court of Appeals.
  • Insurers are not expecting to face a significant payout from the blaze that caused damage to the Californian theme park and studio lot of Universal Studios at the start of the month.
  • Two major UK insurers have revealed job cuts that could total almost 3,000 staff as they face up to "difficult times" and changes in the way business is placed.
  • Shares in American International Group Inc (AIG) fell 7 percent to close at $33.93 Friday after it emerged the company is being investigated by the Securities and Exchange Commission (SEC) over its valuation of contracts linked to sub-prime mortgages.
  • Markel International and QBE have won their bond fraud case brought against executives of Surety Guarantee Consultants Ltd (SGC) and a former Templeton Insurance director in the UK High Court.
  • Reinsurance broker Benfield Group Limited has made a cash investment of $20.5mn in Hannover Re's $133mn Florida-focused sidecar vehicle, Globe Re.
  • Suncorp CEO John Mulcahy has cast doubt over whether QBE will make a serious play for the company after questioning if a tie-up between the firms would be an "appropriate combination".
  • UK-based wholesale broker Price Forbes & Partners has poached Mark Simons from JLT Park to head up its new Bermuda operation.