June 2008/3

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

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).

In another tough week for the stocks of the UK's quoted non-life insurers, RSA share price was a rare exception buoyed by vague suggestions of a possible bid from QBE.

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.

A potential bid from Zurich Financial Services (ZFS) for the Royal Bank of Scotland's (RBS) insurance unit has continued to place downward pressure on the company's share price.

Space insurance underwriters are facing the prospect of yet another loss with the failure of a Kazakhstan communications satellite in orbit, The Insurance Insider revealed last week.

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).

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

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...

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.

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.

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).

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.

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.

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.

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.

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.

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.

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.

French insurance giant AXA is re-approaching the capital markets with its third motor insurance securitisation, renewing the EUR61mn Class D notes from its 2007 Sparc transaction.

Hirotoshi Murakami, CEO of Tokio Marine Global (TMG) in London is set to return to Japan and take up a new position with the parent company at the end of this month.

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.

Lloyd's listed (re)insurer Beazley Group plc is to promote group finance director Andrew Horton to take over from Andrew Beazley as its CEO.

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.

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.