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June 2009/4

  • 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...
  • Air France will give about EUR17,500 ($24,000) as an advance to the families of victims on Air France Flight 447 from Rio de Janeiro to Paris, which crashed on 1 June.
  • Last week's move by Swiss Re to sell its US asset management arm Conning & Co to Jeff Greenberg-run private equity firm Aquiline Capital Partners LLC should help increase its capital buffer.
  • Former Gen Re executive John Houldsworth was handed two years' probation and ordered to pay a $5,000 fine but was spared a custodial sentence for his role in a fraudulent $500mn reinsurance deal...
  • Allen Stanford, CEO of fraud-hit banking and investments group Stanford Financial, was accused of running a $7bn scam to defraud investors, as the FBI filed criminal charges against the colourful Texan and several of his associates.
  • Willis Group Holdings confirmed last week that it was in discussions over selling a portion of its interest in privately held French broker Gras Savoye & Cie.
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