June 2008/3

German insurer Allianz has won a ruling allowing it to recover damages from third parties if they are found to be at fault in the 9/11 attacks on the World Trade Center.

The former head of Guy Carpenter & Co's enterprise risk management advisory group Don Mango is to take up the new position of chief actuary, the reinsurance broker confirmed last week.

Bond insurer MBIA Inc is reconsidering the deployment of the $900mn it raised in a recent equity public offering, including the launch of a new insurer.

The investment vehicle of former American International Group Inc (AIG) CEO and chairman Maurice "Hank" Greenberg will continue with its planned purchase of a stake in Lehman Bros despite expected senior management changes and the posting of...

Alternative investment vehicle Juniperus Insurance Opportunity Fund (JIOF) has made its first investment, of $7.5mn, in Hannover Re's sidecar Globe Re, our sister publication Trading Risk revealed.

Heath Lambert's drive to divest itself of its wholesale business units to focus on UK retail was finally realised last week when the intermediary sold its Global Business Solutions (GBS) unit to Arthur J Gallagher International Ltd.

Swiss Re has successfully closed its $150mn Vega Capital Ltd collateralised risk obligation (CRO) transaction, while Allstate also bought its second $250mn Willow Re cat bond to market, our sister publication Trading Risk revealed.

US property & casualty insurers look set to post a modest underwriting loss and suffer significant reduction in profits and return on surplus for the year, according to Fitch Ratings.

Despite strong competition between insurers and the wider financial markets total premium income for European insurers held steady last year, according to figures from the Comité Européen des Assurances (CEA).

The Travelers Companies COO Brian MacLean has also been named president of the group after being promoted from executive vice president.

Speculation surrounding the future of Marsh & McLennan Companies (MMC) security consulting arm, Kroll, was further fuelled at the end of last week when the company announced that founder Jules Kroll is to step down.

Beleaguered bond insurer Security Capital Assurance (SCA) has lost a legal battle with investment banking giant Merrill Lynch & Co over its obligations of up to $3.1bn on credit default swaps (CDS).