June 2008/2

Regulatory hurdles in Brazil are one of the biggest challenges for risk managers despite the recent deregulation of the country's reinsurance market, according to Willis Energy.

Class action pioneer Mel Weiss has been sentenced to 30 months in prison, after pleading guilty to illegally paying clients to file claims.

Bond insurers MBIA and Ambac have spoken out after their AAA ratings were downgraded to AA by Standard & Poor's (S&P) and placed under review by Moody's.

Security Capital Assurance (SCA) has been hit by a further blow with the three notch downgrade of its two main operating units from A- to BBB- by Standard & Poors' (S&P) on Friday (6 June).

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.

Energy broker Guy Bessis is moving to Marsh Ltd less than eight months after joining (re)insurance intermediary Integro, The Insurance Insider understands.

Risk modelling firm Risk Management Solutions (RMS) has launched its second natural catastrophe index under the Paradex banner, that it says will lead to earlier loss settlement.

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.

Willis has committed to phasing out its newly acquired contingent commissions within three years following its announced acquisition of Hilb Rogal & Hobbs (HRH) for $2.1bn.

Florida property reinsurance underwriters are set to find out tomorrow (10 June) whether they will benefit as a result of fresh demand from the state’s hurricane cat fund.