March 2008/1

Standard & Poor's (S&P) has put a positive outlook on UK insurer Novae's Lloyd's Syndicate 2007 in the expectation that its legacy issues will see further resolution in 2008, through the run-off or sale of the affected business.

The appointment of Peter Zaffino as CEO and Britt Newhouse as chairman at Guy Carpenter marks a statement of intent by Brian Duperreault as he seeks to gather his senior lieutenants around him in New York...

Shares in American International Group (AIG) closed down 6.56 percent on Friday after the US insurance giant announced the biggest quarterly loss in its history driven by a $11.12bn pre-tax writedown in its financial products division, AIGFP.

Rod Fox has teamed up with his former EW Blanch colleague Ted Blanch to launch a "private boutique" reinsurance broker provisionally called Alpha Re.

Lloyd's insurer Beazley has warned that the squeeze on commercial property insurers will become "extreme" as market discipline slips and rates continue to fall.

The Financial Services Authority (FSA) is reviewing claims handling in the UK run-off market but denies this reflects concerns about standards among some legacy insurers.

Losses from the global credit market crisis are set to top $600bn, with banks and brokers accounting for over half that figure, according to UBS analyst Geraud Charpin.

The UK's first dedicated insurance company providing takaful policies is set to be launched in a bid to tap into the UK's large Muslim population.

Allianz Global Corporate and Specialty (AGCS) has set up a Global Discontinued Business division to handle its vast legacy business, The Insurance Insider has learnt.