June 2009/5

American International Group (AIG) has revealed that it has obtained permission from the US authorities to position its top two international life insurance franchises for initial public offerings.

This week the UK High Court is set to hear the closing arguments in the pivotal clash between Berkshire Hathaway-backed Equitas and Randall & Quilter (R&Q)-owned Brandywine.

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.

US insurer The Hartford Financial Services Group has closed the deal that sees it tap TARP (Temporary Asset Relief Program) US bailout funds to the tune of $3.4bn.

After Florida insurers got an easier-than-expected ride during the 1 June renewal season, thanks to "adequate capacity" from the traditional and non-traditional reinsurance markets, the key 1 July renewal date for US business looks set to be similar.

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

Lloyd's and Bermuda (re)insurer Omega Insurance Holding's offer for up to 50 percent of the 2010 capacity on its Lloyd's Syndicate 958, set to close on Thursday (2 July) has been relatively well received by members' agents and analysts alike.

Bermudian (re)insurer Validus Holdings has said that IPC Holdings shareholders representing approximately 54 percent of total shares support acquisition by Validus, and that it has sent requisitions from the shareholders to IPC.

London market insurers writing liability cover for energy giant Sempra face a lower-than-expected payout, after the San Diego-based firm settled with homeowner insurers over liability for three California wildfires that devastated parts of the state.

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.