June 2008/5

Lloyd's insurer Hiscox Ltd has revealed plans to create a new Lloyd's Syndicate backed 100 percent by its own capital.

The extent of sub-prime related hits at American International Group (AIG) continues to emerge with the US insurance giant to absorb $5bn in losses in its securities-lending operations.

Marsh is dusting off the venerable Bowring name with the formation of a new international division, Bowring Marsh, which will bring together its international placement capabilities for property, terrorism and casualty risks.

Expansive Bermudian Ironshore Inc is close to sealing a deal with Chaucer plc to buy the Lloyd's insurer's Pembroke division, in a move first revealed by The Insurance Insider.

Bermuda's Allied World Assurance Company Holdings Ltd (AWAC) is expanding its US presence with the $550mn cash acquisition of Darwin Professional Underwriters Inc.

Ironshore Inc's expected acquisition of Chaucer's Pembroke division will bring the total number of Lloyd's insurer buyouts to three this year.

The Philippine ferry that sank in the devastating Typhoon Fengshen with more than 800 people on board was covered in the local markets, according to reports.

French reinsurer SCOR has unveiled the launch of its latest hub in Singapore to serve the Asia-Pacific region.

Xchanging has hired Stewart McCulloch, the former CEO of Lockton International, as Implementation Director.