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June 2008/4
  • Bermuda to reclassify Class 3 (re)insurers
    The Bermuda Monetary Authority (BMA) is proposing a reclassification of Class 3 (re)insurers into sub-classes because of the increasingly broad range of carriers attracted to the island.
    23 June 2008
  • Hannover's ILS team closes first deal
    Hannover Re's new dedicated insurance linked securities (ILS) team has closed $133mn Globe Re - choosing an innovative deal as its first since launching in January.
    23 June 2008
  • SEC green light to prosecute Stanard
    Former RenaissanceRe CEO James Stanard has failed in his attempt to have the Securities and Exchanges Commission's (SEC) fraud allegations against him dismissed.
    23 June 2008
  • Marsh aviation team re-routed to GC
    Marsh's 29-strong aviation reinsurance team is transferring to Marsh & McLennan Companies' (MMC) stablemate Guy Carpenter in a move that the firm says will benefit clients.
    23 June 2008
  • Citigroup woes point to credit crunch 2.0: comment
    Those recent glimmers of hope for the downtrodden financial markets appeared to be snuffed out last week in what was another torrid time for the banking sector.
    23 June 2008
  • XL chief set to head $720mn energy start-up
    Former CEO of XL insurance Clive Tobin is set to front energy start up Torus Insurance Holdings Ltd (Bermuda), which has been formally launched today (Monday), The Insurance Insider has learnt.
    23 June 2008
  • Chubb appoints new COO
    The Chubb Corporation has appointed John Dengan as vice chairman and chief operating officer among several senior promotions at the US firm.
    23 June 2008
  • Willis recruits Allianz executive for Brazil unit
    Willis Group Holding's international division has recruited former Allianz executive Margo Black to head up its reinsurance operation in the newly deregulated Brazilian market.
    23 June 2008
  • Weak pricing worse than credit crisis: Swiss Re
    Insurers face a greater threat from weak pricing than from the credit crisis in the months ahead, according to Swiss Re.
    23 June 2008
  • Precedent-setting case urges more caution, says Ince & Co
    Previous contracts are likely to play an increasingly large role in legal cases following a precedent-setting case involving a policy taken out by Standard Life, say insurance law experts Ince & Co.
    23 June 2008
  • Reservation of rights clauses on the increase
    A number of leading insurers are supporting an Association of Risk and Insurance Managers (AIRMIC) initiative to limit the potential use of a device that puts the policyholder on notice that the insurer may not accept liability for a particular claim...
    23 June 2008
  • New AIG chief draws Greenberg closer
    The remarkable thawing of relations between American International Group (AIG) and Maurice "Hank" Greenberg appears underway after a "positive" meeting between the veteran and Robert Willumstad, the latest man in the hot seat at the troubled insurance gia
    23 June 2008
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