June 2008/2

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.

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.

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.

Finnish insurance group Sampo's P&C insurance subsidiary has agreed to purchase Russian insurer SOAO Region, the group announced last week.

Gulf Re, the $400mn reinsurer formed in a joint venture between Arch Capital Group Ltd and Gulf Investment Corporation (GIC), has been granted a licence by the Dubai authorities.

The acquisitive Spanish insurer Mapfre acquired US car insurer Commerce in a $2.2bn+ deal last week.

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.

Swiss reinsurer Glacier Re has successfully launched its $180mn Nelson Re 2008-I bond, a move predicted by Trading Risk last month.

Reinsurance broker Benfield Group Limited has made a cash investment of $20.5mn in Hannover Re's $133mn Florida-focused sidecar vehicle, Globe Re.

Andrew Annandale has been appointed managing director of Argenta Syndicate Management Ltd, the group's managing agency - in a move designed to support new start-ups.