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.

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

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).

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.

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.

Jardine Lloyd Thompson Group Plc (JLT) has acquired HWS Holdings Ltd (HWS) with its two Lloyd's broker subsidiaries for up to £8.75mn, as predicted by The Insurance Insider.

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.

Brit Insurance Holdings Ltd has acquired a 38 percent stake in online insurance technology platform Xbridge for £7mn in a bid to further capitalise on the micro SME sector.

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