March 2008/5

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.

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

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.

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.

Ratings agency AM Best has affirmed Swiss Re's A+ (Superior) financial strength rating and removed it from review with negative implications after receiving reassurance over the firm’s exposure to credit default swaps (CDS).

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.

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

Despite the allure of winning new business, new accounts can often backfire underwriters have been warned.