June 2010/3

The Met Office has predicted 20 North Atlantic tropical storms between July and November this year as it confirmed its expectation for an active hurricane season.

As Brit shares surged in the wake of the revelation of Apollo's approach, analysts were divided on what constituted a fair price for the UK insurer and on its merits as a takeover target.

Long new group president at Lib Mut; Redhead to leave DE Shaw;

UK insurance services provider Charles Taylor Consulting plc (CTC) has acquired Guernsey- registered Finistere Life Assurance Company Limited from the Carey Group.

The proposed solvent schemes of arrangement for the Camomile Pool companies last week secured unanimous approval from its creditors, The Insurance Insider understands.

Run-off insurer Scottish Lion has axed the majority of its staff after its sale to Berkshire Hathaway subsidiary National Indemnity Company (NICO), The Insurance Insider understands.

Specialist lawyers have greeted as "pragmatic" a recent decision by the UK commercial court to dismiss an appeal by Brazil-based reinsurer IRB against arbitration in favour of its reinsured CX Re.

Goldman Sachs' stock fell to a new 52-week low last week amid mounting legal action focusing on the Wall Street investment giant's sale of collateralised debt obligations (CDOs).

Maurice "Hank" Greenberg has warned industry leaders that an overreaction from global regulators threatens to rob the insurance sector of its ability to make acceptable returns for shareholders.

Former Stanford Financial Group (SFG) chief financial officer, Laura Pendergest-Holt, has asked to be tried separately to disgraced financier Allen Stanford in the wake of his "circus-like conduct".

A California judge has put further pressure on the rating agencies' as they look to wield the US Constitution's First Amendment against attempts to make them liable for their ratings decisions.

Swiss Re has continued its long-running Vita Capital series of transactions with the issue of $50mn of notes in the first transfer of extreme mortality exposure since November last year.

Energy mutual Oil Casualty Insurance Ltd's (OCIL) Avalon Re excess liability cat bond defaulted at its final maturity date last week (7 June), leaving the lowest tranche investors with a $13mn loss.

The next 48 hours is likely to see the formation of the first named storm of the season, according to the US National Hurricane Centre in Miami.

Australian insurer QBE bought CNA's Argentinian subsidiary for $66mn as it continues its strategy of growth through acquisition.

Marsh has formed an international practice for all nuclear clients based outside North America, in an attempt to capitalise on the renewed global appetite for nuclear energy.

Prudential's failed $35bn bid to buy American International Group (AIG)'s Asian business, AIA, was "a bridge too far" for the UK life insurer, according to Maurice "Hank" Greenberg.

Gerova Financial Group has gained approval for its life and annuity reinsurance business, Gerova Reinsurance, to start underwriting in Bermuda.

Hardy Underwriting is set to become the latest Lloyd's (re)insurer to underwrite through the Society's Singapore-based Asia platform.

State Farm, one of the biggest participants in the US National Flood Insurance Program (NFIP), has said it is to stop writing policies under the federal plan, which has become caught in the legislative cogs of Capitol Hill.

Niche UK private equity investor BP Marsh has gone into partnership with Randall Goss-led wholesaler US Risk Insurance through a significant investment in its Lloyd's broking house.

Fears that broker Marsh would indirectly suffer as a result of a legal settlement by fellow Marsh & McLennan Companies (MMC) subsidiary Mercer have receded after the payout was limited to $500mn.

Three separate moves by (re)insurers on both sides of the Atlantic last week have highlighted the sector's continued focus on returning surplus capital to shareholders.

The World Cup is finally underway - and the stress the modern game now places on players is also raising anxiety levels among underwriters in the niche personal accident market.