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June 2010/4

  • UK-quoted Randall and Quilter Investment Holdings (R&Q) has issued an upbeat business prognosis as it looks to build on its recent acquisition trail, with Solvency II holding out more opportunities in Europe.
  • Jardine to become Council of Lloyd's deputy chairman; HCC hires Travelers miscellaneous liability head; UIB Chalks up appointments...
  • Willis forms North American distressed assets practice; Wildbore heads Willis' new Toronto office; XL Re gets green light in Florida...
  • AIM-listed accountancy firm Vantis, which acted as liquidator to Stanford International Bank (SIB), suspended shares last week as two senior directors resigned amid deepening financial difficulties.
  • The tide may be turning against Bermuda when it comes to commercial (re)insurers, but the low tax jurisdiction is still the domicile of choice for captives, new research from Marsh shows.
  • Insurance buyers can no longer rely on underwriter discretion to ensure that claims are paid out when century-old UK legislation offers the opportunity to avoid them, delegates heard in Manchester last week.
  • UK regulator the Financial Services Authority (FSA) has issued a consultation paper on a proposal to make it easier to trace employers' liability (EL) insurers.
  • Rating agency Standard & Poor's (S&P) revised its outlook on Marsh & McLennan Companies (MMC) from stable to negative last week, citing concerns over a $500mn settlement.
  • US regulator the Securities and Exchange Commission (SEC) has dropped its federal probe into Joseph Cassano, the former head of American International Group (AIG)'s blighted London-based Financial Products division (AIGFP), it emerged last week.
  • The Met Office has predicted 20 North Atlantic tropical storms between July and November this year and confirmed it expects an active hurricane season.
  • Non-US reinsurers had $23bn of letters of credit outstanding as collateral against potential claims in the US at year-end 2009, according to rating agency Moody's.
  • Former Lloyd's franchise performance director Rolf Tolle is to join the board of Lime Street managing agency Beazley Furlonge - his first appointment since retiring in December.