June 2009/5

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

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.

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.

A lawyer that represented independent directors of AIG has disputed claims by former chief Maurice "Hank" Greenberg of a mutual agreement between the insurer and Starr International Co (SICO) to end a deferred compensation scheme.

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.

Hiscox plc is leading a flurry of proposed bids among Lloyd's (re)insurers to expand their 2010 capacity in order to take advantage of anticipated good trading prospects and the stronger dollar.

By any measure, it was an eventful week for Lloyd's insurer Chaucer Holdings...

Former Benfield Group directors John Coldman and Michael Rees are joining up with ex- colleagues to form a new business after the reinsurance broker was sold to Aon last year in a £935mn deal.

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

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.

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.

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.