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March 2008/5
  • AMC-14 sat loss could spark 30 percent rate rise
    A spate of losses has resulted in space insurers targeting premium increases of up to 30 percent, according to broker Aon in its latest report on the sector.
    25 March 2008
  • Florida cat fund bill passes senate test
    Legislation to scale back the Florida Hurricane Catastrophe Fund (FHCF) has been unanimously passed in the state's Senate Banking and Insurance Committee.
    25 March 2008
  • Brit establishes underwriting presence in Northern Ireland
    UK insurer Brit Insurance Holdings has established an underwriting presence in Northern Ireland that will focus on fleet motor and property & combined package lines.
    25 March 2008
  • Class action pioneer latest to plead guilty
    Class action pioneer Melvyn Weiss will plead guilty to making improper payments to clients in a kickback scheme, according to his lawyer.
    25 March 2008
  • Scruggs faces disbarment
    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.
    25 March 2008
  • Cusack promoted to Aspen COO
    Aspen Insurance Holdings Limited has promoted Julian Cusack to chief operating officer.
    25 March 2008
  • OdysseyRe doubles share buyback
    US reinsurer OdysseyRe, which is owned by Canadian conglomerate Fairfax Financial Holdings, has doubled its share buyback programme to $400mn.
    25 March 2008
  • Dresdner offers K2 bailout
    Allianz-owned Dresdner Bank has offered its structured investment vehicle (SIV) K2 a $1.5bn bailout so it can service its outstanding $16bn debt.
    25 March 2008
  • Ratings boost for Hannover
    German giant Hannover Re has received a ratings boost from Moody's Investors Service after the ratings agent upgraded the reinsurer's financial strength rating to A2, from A3 last week.
    25 March 2008
  • Generali focuses excess capital on acquisitions
    Italian insurance giant Generali will utilise its EUR3.2bn excess capital to target acquisitions next year, the firm announced.
    25 March 2008
  • BIBA hits back at FSA's transparency review
    The British Insurance Brokers' Association (BIBA) has hit back at the Financial Services Authority's (FSA) "lengthy and costly" report into broker transparency and said the industry does not need regulatory intervention.
    25 March 2008
  • AIG in $13.5mn settlement with Pennsylvania regulator
    US giant American International Group (AIG) has confirmed that it has paid $13.5mn in settlement with the Pennsylvania Insurance Department.
    25 March 2008
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