June 2008/4

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.

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.

Zurich Financial Services (ZFS) - the enduring frontrunner in the race to buy Royal Bank of Scotland's up-for-sale insurance businesses - overcame a significant hurdle last week when reports confirmed that the firm had its financing in place.

Qatar has staked its claim to be the leading centre for insurance in the Middle East with a move to launch an electronic trading platform later this year to service the sector.

The Association of Insurance and Risk Managers (AIRMIC) is to publish an index which will allow its members to assess how insurers pay claims.

Insurers face a greater threat from weak pricing than from the credit crisis in the months ahead, according to Swiss Re.

Captive operations owned by financial institutions are less likely to take out reinsurance than those belonging to other sector groups, according to a report by Marsh.

German reinsurer Hannover Re has reached an "exclusive agreement" with Indian reinsurer GIC Re to develop and underwrite life reinsurance business in India, the group has announced.

Aon Corp's Middle East division has opened a regional headquarters in the Dubai International Finance Centre (DIFC), after being granted a license to operate within the DIFC.

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...

The Chubb Corporation has appointed John Dengan as vice chairman and chief operating officer among several senior promotions at the US firm.

US insurer Assurant Inc has announced the completion of its catastrophe reinsurance programme for 2008 and, with rates falling, was able to buy additional cover.

The purchase of failed UK listed (re)insurer GoshawK for £45.7mn ($90.3mn) by acquisitive Bermudian run-off specialist Enstar Group Ltd is the third significant acquisition by the firm this year.

Angus Cameron is to join Marsh as CFO of its UK operations, parent company MMC confirmed last week.

As many as 500,000 homes in the UK could become uninsurable unless the Government takes action to protect them, according to the Association of British Insurers (ABI).

Hyperion Insurance Group Ltd has announced that its 2007 operating profit increased by 10 percent to £6.5mn, compared to £5.9mn in 2006.

Marsh UK executives are to meet later this week to approve the delayed £200mn outsourcing deal with Capita, The Insurance Insider understands.

Former RenaissanceRe CEO James Stanard has failed in his attempt to have the Securities and Exchanges Commission's (SEC) fraud allegations against him dismissed.

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.

Risk modelling firm Risk Management Solutions (RMS) aims to boost investment in the insurance linked securities (ILS) market with an electronic ILS portfolio management platform.

The Financial Services Authority (FSA) has said it is willing to mandate action on the disclosure of broker's commissions by the end of the year if the industry fails to find a solution to the issue.

Around three-quarters of London market insurers believe they will underestimate the impact of rate softening, according to a report from Ernst & Young (E&Y).

French reinsurer SCOR has revealed that it will be launching its Americas "hub" in New York where it aims to serve North and South America, including Central America, the Caribbean and Mexico.

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

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.

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.

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.

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.