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May 2008/1

  • Arthur J Gallagher International (AJGI) has recruited Martin Emkes who has resigned from Heath Lambert after refusing to transfer as part of the broker's wholesale deal with Cooper Gay, The Insurance Insider has learnt.
  • Benfield Group Ltd has invested $50mn in Juniperus Insurance Opportunity Fund (JIOF), a vehicle managed by former RenaissanceRe executive Michael Cash focussing on the collateralised reinsurance and insurance linked securities (ILS) markets.
  • Under fire Insurance Australia Group Ltd (IAG) CEO Michael Hawker has resigned, with the insurer’s COO Michael Wilkins stepping into the role.
  • Moody's has downgraded the debt ratings of American International Group (AIG) despite the insurance giant completing a $20bn capital raising exercise yesterday.
  • Members of Lloyd's have voted overwhelmingly in favour of the proposed amendments to the Act governing the market.
  • Insurance Australia Group's (IAG) chairman James Strong has been lambasted by shareholders following his rejection of QBE Insurance's "final merger offer", which has led to talks ending between the firms.
  • Listed London market reinsurance intermediary Jardine Lloyd Thompson (JLT) is in advanced talks to purchase independent broker Harman Wicks & Swayne (HWS), The Insurance Insider understands.
  • A major unit in the transfer of Heath Lambert's wholesale division to Cooper Gay will no longer be a part of the proposed sale, The Insurance Insider has learnt.
  • The UK's Financial Services Authority (FSA) has suggested that the "light touch phase of the regulatory cycle" may be over, as "lessons are learnt" from the current credit crisis, according to a spokesman.
  • Hannover Re's net profits rose by more than a fifth to EUR151.5mn in the first quarter, according to the reinsurer's interim report.
  • Australian insurer Insurance Australia Group (IAG) looks poised to offer shareholders an array of initiatives to restore confidence in the company's growth prospects after chairman James Strong formally rejected QBE Insurance's raised offer.
  • Hannover Re has revealed that its pre-tax net loss burden from the recent Chinese earthquake is likely to be more than EUR10mn.