June 2008/3

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).

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.

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.

The under-pressure shares in Brit Insurance Holdings Ltd have been tipped by the firm's corporate adviser to stage a recovery as the group continues to show resilience in its reinsurance business.

German insurance giant Allianz is in talks with Commerzbank and Postbank over the proposed sale of its embattled banking division Dresdner Bank, according to reports.

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.

QBE the Americas president and CEO Tim Kenny has taken three months leave of absence from the insurer for personal reasons, The Insurance Insider can reveal.

Martin Sullivan's tenure at the helm of American International Group (AIG) ended yesterday (15 June) as the veteran was replaced by chairman Robert Willumstad after 35 years at the US insurance giant.

XL Re's Latin America subsidiary has received regulatory approval to join the Brazilian reinsurance market as an admitted reinsurer.

Embattled reinsurer Scottish Re Group Ltd has agreed to sell its non-US life reinsurance unit to US-based insurer Pacific Life insurance Company for more than $71mn.

Willis Group Holdings has had its debt ratings placed under review for downgrade by rating agency Moody's after last week’s announced $2.1bn acquisition of Hilb Rogal & Hobbs (HRH).