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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...
  • 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.
  • 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.
  • 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.
  • 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.
  • After 2008's bleak investment conditions, Flagstone Re has piled out of equity investments and now has 34.5 percent of its portfolio invested in US Treasury Inflation-Protected Securities, or TIPs...
  • Offshore domicile Guernsey has seen a significant increase in enquiries relating to setting up captive and insurance cell operations in the last three months, chief executive of Guernsey Finance Peter Niven told The Insurance Insider.
  • RAA: $58bn in US premium ceded offshore in 2008; AWAC launches side 'A' D&O excess product; Ace enters $500mn LOC agreement with Deutsche Bank; Heath Lambert gains two new clients
  • 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...
  • 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.