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.

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...

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.

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.

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.

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

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...

Donald MacDonald, the deputy managing director of Willis' UK reinsurance unit, has resigned, The Insurance Insider can reveal.

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".

Pact to speed claims settlements reached; Crawford relaunches UK claims solution brand; Risking it all?; XL adds to UK employers' liability product...

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...

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.

Endurance announces promotions; THB swipes Guy Carpenter exec for Zurich office; Clyde & Co expands into life market with new team; SBJ picks up two from Aon Benfield...

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+'.

The great and the good of the convergence sector are dusting off their dinner jackets in preparation for the inaugural Trading Risk 2009 awards later this week, with competition fierce for the eight award categories.