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June 2009/4

  • The head of Swiss Re's capital markets unit has become the most high profile casualty in the ongoing overhaul of the reinsurer’s insurance-linked securities (ILS) operations...
  • Aon has confirmed that UK CEO Peter Harmer is set to return to Australia at the end of September...
  • Maurice "Hank" Greenberg took the stand for two-and-a-half days last week after being called as a witness for the prosecution in a trial federal civil trial between his former and current charges...
  • President Barack Obama's far-reaching proposals to overhaul US financial regulation were given a cautious welcome by interest groups anxious to avoid formal federal oversight of the sector.
  • On 24 June, the UK High Court will be asked to approve the historic Part VII transfer of all Equitas' remaining liabilities - now comprising some $7.8bn – in a deal which could finally allow Lloyd's Names to "sleep easily at night".
  • The schedule of the already delayed Equitas v Brandywine LMX spiral clash in the UK High Court suffered a further setback last week, after expert underwriting witnesses failed to give evidence for undisclosed reasons.
  • London market (re)insurance broker Cooper Gay (Holdings) Ltd has taken a decisive step towards its ambition of a public listing with the imminent arrival of two City heavyweights that have recently stepped down from Benfield Group.
  • The on-off takeover saga of Lloyd's insurer Chaucer took a decisive step forward today with a formal, all-paper offer by rival Brit Insurance this morning, but its modest terms has provoked Russian-backed private equity firm Pamplona Capital...
  • Texas Governor Rick Perry has signed into law a bill (HB 4409) for restructuring the state's windstorm insurance fund, the Texas Windstorm Insurance Association (TWIA), and axing its $1.5bn reinsurance programme.
  • Spanish state-funded national catastrophe and terrorism fund the Consorcio de Compensación de Seguros (CCS) and Spain’s insurance trade body, Unespa, have signed a reinsurance agreement...
  • Results from The Association of Insurance and Risk Management (AIRMIC)'s inaugural directors' and officers' (D&O) benchmarking survey has revealed variations of up to 30 percent in prices and terms for similar firms.
  • Ratings agency Fitch has downgraded its Insurer Financial Strength ratings for Brit Insurance Holdings' principle insurance subsidiary - Brit Insurance Ltd (BIL) - to 'A' from 'A+'.
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