March 2008/5

Legislation to scale back the Florida Hurricane Catastrophe Fund (FHCF) has been unanimously passed in the state's Senate Banking and Insurance Committee.

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.

Markel International has promoted Jeremy Brazil to active underwriter of its Lloyd’s Syndicate 3000.

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).

UK insurer Brit Insurance Holdings has established an underwriting presence in Northern Ireland that will focus on fleet motor and property & combined package lines.

Class action pioneer Melvyn Weiss will plead guilty to making improper payments to clients in a kickback scheme, according to his lawyer.

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.

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

US reinsurer OdysseyRe, which is owned by Canadian conglomerate Fairfax Financial Holdings, has doubled its share buyback programme to $400mn.

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

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

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.