March 2008/2

Our monthly column keeping a check on recent US and EU legislative and regulatory developments, in association with Sidley Austin LLP

A significant reduction in the UK's run-off market has driven a EUR2bn decrease across Europe, according to a recent survey.

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.

RSA has sold Guildhall Insurance Company to Enstar Group in a move that continues the group’s disposal of its legacy business.

Listed Bermudian run-off firm Enstar Group Ltd reported a drop in its full-year profits last year despite increasing its assets by over 30 percent.

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

Bermudian-headquartered run-off company Alea Group Holdings' has reported deterioration in its reserves of around $30mn, largely relating to its North American reinsurance portfolio, in its 2007 results.

In an important ruling, the UK’s Court of Appeal has overturned last year's decision in the "follow the settlement" case between reinsurers WASA International Insurance Company Ltd (WASA) and AGF Insurance Ltd against...

Insurance specialist law firm Ince & Co has made a number of senior appointments following the decision of senior partner Peter Rogan to step down this month.

A US jury has returned a verdict of guilty on all counts in the trial of Gen Re and American International Group (AIG) executives over a sham $500mn finite reinsurance contract between the two companies.

Willis captive manager Ken MacKay has been arrested for allegedly embezzling more than $2mn from the broker and its clients.

As Ron Sandler, chairman of Bermudian insurer Ironshore Ltd and the former CEO of Lloyd's, takes the helm at newly nationalised UK bank, Northern Rock, the bank's directors' and officers' (D&O) policy looks set for a total loss.