March 2008/2

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

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.

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.

Aon has brought a negligence case against Reynolds Porter Chamberlain (RPC) following Standard Life's claim against the broker.

German reinsurance giant Munich Re is approaching the capital markets for the second time in a month, with a EUR150mn European windstorm cat bond, Queen Street, our sister publication Trading Risk revealed.

Fast track legislation to scale back the Florida Hurricane Catastrophe Fund (FHCF) was expected to receive early attention as the state's full legislative session convened on 4 March.

Swiss Re's 20 percent, five-year P&C quota share reinsurance deal with Berkshire Hathaway continues to intrigue, despite the Zurich-headquartered reinsurer providing greater detail with its 2007 results last month.

French insurance giant AXA's UK subsidiary has continued its acquisitive march through the UK broking landscape with an accepted offer to buy 100 percent of broker SBJ Group Ltd for £158mn.

Former RenaissanceRe executive Michael Cash is planning a return to the market with the launch of a new, unrated reinsurance vehicle, Juniperus Partners.

UK takaful start-up finally poised for launch; Amlin: Holt will return; S&P boosts Novae over mooted legacy spin-off; Omega maintains profit record; Marine in Aon job cuts spotlight...

The future for XL Capital affiliate Security Capital Assurance (SCA) looks untenable, as shares in the monoline insurance company plummeted to a 52-week low of just 67 cents.