June 2009/5

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

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

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.

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

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.

(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.

Legendary investor Warren Buffett doused hopes of a fast recovery in the US economy, saying he sees no sign of a rebound in the businesses his Berkshire Hathaway conglomerate backs.

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".

Goldman Sachs partner Michael J. Millette was heralded as the Outstanding Contributor of the year at the inaugural Trading Risk awards dinner on the 25 June, held in London.

Hannover Re and Munich Re last week released estimates of their exposure to the largest man-made loss of the year - the 1 June Air France crash in which 228 people died.

Equitas, the legacy albatross that has hung around the neck of Lloyd's Names ever since its creation in 1996, can now be formally detached after the UK High Court approved the transfer to a new company, Equitas Insurance Ltd, on 25 June.

The proposed Scottish Lion scheme of arrangement returns to court next month, in a hearing that will determine what impact a dissenting minority of policyholders may have on the initiative.