March 2008/5

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.

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

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

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

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.

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

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.

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

Aon has criticised the "absurdly late" release of reinsurance tariffs for the P&I (protection & indemnity) clubs, called for full transparency of how shipowners' premiums are allocated and questioned...

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.

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.

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).

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

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...

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

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

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

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).

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.

Leading insurance linked securities (ILS) investor and co-founder of Fermat Capital Management John Seo has warned that a "reputational storm is definitely brewing" over the sector, over the lack of transparency, disclosure and...

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.

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.

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...

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

French insurance giant AXA's UK subsidiary has taken formal control of broker SBJ Group after getting the green light from shareholders and UK regulator the Financial Services Authority.

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.

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