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).

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.

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.

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

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.

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.

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).

All the member governments of the Caribbean Catastrophe Risk Insurance Facility (CCRIF) have renewed their 2008 policies as this year's Atlantic hurricane season gets underway.

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.

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).

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...