March 2008/5

Bermuda-headquartered Lloyd's (re)insurer Hiscox Ltd has teamed up with brokers Allison & Partners (A&P) to launch INSPIRE, providing specialist cover targeted at specialising in UK and European small to medium-sized businesses (SME).

US giant American International Group (AIG) has confirmed that it has paid $13.5mn in settlement with the Pennsylvania Insurance Department.

Aspen Insurance Holdings Limited has promoted Julian Cusack to chief operating officer.

Bermudian insurance group Ironshore Inc has launched IronHealth to write healthcare liability business, as it continues to grow its professional liability US-based subsidiary IronPro.

Italian insurance giant Generali will utilise its EUR3.2bn excess capital to target acquisitions next year, the firm announced.

Cayman Islands-based Greenlight Capital Re bounced back to profit in the final quarter of the year after its third quarter result was decimated by a $21.4mn investment loss.

Major brokers Marsh and Willis Group Holdings are opening offices in the Middle East as the region continues to attract interest from the industry.

Chubb insures the primary layer of the Marsh-placed $75mn directors' and officers' (D&O) programme for beleaguered investment bank Bear Stearns, our sister title The Insurance Insider revealed last week.

Bermudian firm ACE Ltd is moving its holding company from the Cayman Islands to Zurich, Switzerland.

Clive Briault, managing director of retail business at the Financial Services Authority (FSA), has left the UK regulator as part of a reshuffle following the Northern Rock crisis.

Richard Scruggs, the lawyer who successfully fought the tobacco companies in a series of class actions, is facing disbarment from the Mississippi Bar Association after pleading guilty to bribing a judge.

Allianz-owned Dresdner Bank has offered its structured investment vehicle (SIV) K2 a $1.5bn bailout so it can service its outstanding $16bn debt.