May 2006/5

The Securities and Exchanges Commission (SEC) has praised American International Group and its "courageous" chairman Frank Zarb as the giant insurer makes strides towards "good governance".

Rodney Adler, the former director of failed Australian insurer HIH, failed last week in an attempt to have his jail term reduced.

General Motors has brought its asbestos dispute with Royal & Sun Alliance Group to the UK by filing a suit against the insurer into the High Court.

American International Group (AIG) has announced that the China Insurance Regulatory Commission (CIRC) has given its life and general insurance subsidiaries in China approval to expand.

Swiss reinsurer Converium has appointed two new members to its global executive committee as new CEO Inga Beale continues to build her team.

French reinsurer SCOR has reported a 61 percent rise in its first quarter income to EUR53mn from EUR33mn in the prior-year period.

Lloyd’s run-off vehicle Equitas has reached a $90mn settlement with US firm WR Grace & Co over its asbestos liabilities.

Swiss giant Zurich Financial Services (ZFS) recorded a first quarter profit of $785mn, up 1 percent from last year, despite being hit with a $262mn post tax charge from settling with US regulators.

UK broker Windsor plc reported a 16 percent rise in brokerage and fees today (22 May) for the six months ending 31 March 2006.

Hard-pressed US D&O and financial institutions insurers will be forgiven for indulging in a spot of schadenfreude following the recent travails of Milberg Weiss Bershad & Schumlan LLP, one of the largest and most successful US class action...

Start-up (re)insurer Lancashire Holdings Ltd has blamed a sluggish marine market for writing less business this year than it initially planned, according to a 17 May trading statement, but reiterated that it expects to maintain its targeted returns...

Bermudian (re)insurer Max Re announced on 19 May that its failure to file the company’s Form 10-Q for the first quarter means it faces the possibility of de-listing from the Nasdaq.