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.

Paul Corver has emerged as the most likely candidate to take over from Philip Grant as chairman of ARC, the UK trade body for legacy management professionals, The Insurance Insider has learnt.

Marsh & McLennan Companies (MMC) announced that CFO Matthew Bartley will become the latest senior executive to leave the company.

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.

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.

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

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

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.

The dispute between Randall & Quilter (R&Q) affiliate Cavell USA and private equity owned run-off insurers Seaton Insurance Co and Stonewall Insurance Co is set for an airing in the English courts this autumn.

Energy and property start-up Torus Insurance is set for a 1 July launch after securing backing from First Reserve Corporation, The Insurance Insider revealed last week.

UK-based wholesale broker Price Forbes & Partners has poached Mark Simons from JLT Park to head up its new Bermuda operation.

The Royal Bank of Scotland (RBS) received some positive news after the bank revealed over 95 percent of shareholders had subscribed to its £12bn rights issue.

Willis' proposed $2.1bn acquisition of US retailer Hilb Rogal & Hobbs is the largest insurance broker M&A deal for a decade and, with margins under threat from the weak market conditions, may be seized upon as evidence that the sector is about to...