June 2009/5

QBE appoints Wulff to manage Credit and Surety division; Ascot shuffles pack; Benfield chairman moves aside; Avery to join Fenchurch Advisory Partners...

Fitch changes RGA's outlook to negative; S&P goes negative on Gard; CIC takes over supervision of China Re

The US property casualty insurance industry saw a further decline in its surplus over the first quarter of 2009 as a $1.3bn net loss after tax combined with $16.4bn in unrealised capital loss on investments.

CV Starr has tied up with Talbot Underwriting Ltd and QBE to launch a $75mn consortium to write US construction risks at Lloyd's.

After revealing it was discussing selling a portion of its interest in French insurance broker Gras Savoye & Cie, global broker Willis has reiterated its strong commitment to the leading Gallic intermediary.

The British Insurance Brokers' Association (BIBA) has formed its BIBA London Market Region Committee (LMRC) to represent London market brokers.

Ratings agency Standard & Poor's (S&P) raised its insurer financial strength rating on Nigeria-based African Reinsurance Corp to 'A-' from 'BBB+' with a stable outlook.

UK-quoted broker Thompson Heath Bond Group plc (THB) has pointed to sluggish insurance markets for a fall in the group's earnings at the six-month stage.

Actuarial and risk management firm Towers Perrin Forster & Crosby – the parent of the world’s fourth largest insurance broker – has agreed a merger with fellow professional services firm Watson Wyatt Worldwide.

Independent London market (re)insurance broker BMS saw profits climb last year even though revenues fell slightly from £45.3mn to £42.6mn.

(Re)insurers are facing the possibility of a property and business interruption loss after last week's train crash on the Washington Metro, in a programme placed by Aon, The Insurance Insider's sister publication Inside FAC reports.

Despite greater transparency following the damaging sub-prime-related securities ratings withdrawals last year, Standard & Poor's (S&P) managing director of Germany Torsten Hinrichs, conceded "no model is clear of conflicts of interest".