June 2009/4

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.

The US Supreme Court has reinstated an approximate $500mn settlement in an asbestos lawsuit against US insurance giant The Travelers Casualty Companies (Travelers).

UK outsourcing giant Capita is set to appoint Edward Creasy, chairman of Tokio Marine subsidiary Kiln plc, to the board of its insurance services arm as a non-executive director, The Insurance Insider can reveal.

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...

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.

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.

Aon has confirmed that UK CEO Peter Harmer is set to return to Australia at the end of September...

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...

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".

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.