March 2008/5

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.

Grahame Chilton, Benfield Group CEO, has made an impassioned plea for a more joined-up approach to international regulation as he said the current fragmented structures are generating greater costs and complexities...

Security Capital Assurance (SCA) has fought back against a lawsuit filed by Merrill Lynch & Co alleging its financial guarantee subsidiary XL Capital Assurance Inc (XLCA) is attempting to avoid...

JPMorgan Chase & Co came back in with a significantly higher $10 a share offer for beleaguered rival Bear Stearns yesterday in a package that will also leave it more exposed to potential losses from the investment bank.

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.

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.

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.

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

Aon founder and executive chairman Pat Ryan has announced that he intends to retire from the broker on 1 August.

Lloyd's must remain open to new entrants despite the softening market, according to Barbara Merry, CEO of newly-redomiciled (re)insurer Hardy Underwriting Bermuda Ltd.

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