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.

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.

Members of Lloyd's have voted overwhelmingly in favour of the proposed amendments to the Act governing the market.

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.

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.

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 has revealed that its pre-tax net loss burden from the recent Chinese earthquake is likely to be more than EUR10mn.

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.

A New York Federal court has dismissed fraudulent misconduct claims against Cavell USA Inc – an affiliate of Brandywine owner Randall & Quilter – and its chairman Ken Randall brought by US run-off insurers Seaton Insurance Company and Stonewall Insurance

An improved merger bid for Insurance Australia Group (IAG) from QBE Insurance is likely to fall short of its own "fair value" of the business, the company has indicated.

Recently listed legacy specialist Randall & Quilter Investment Holdings plc (R&Q) has posted "record" operating profit of £8.7mn - up 68 percent on 2006 - in its first full year results since listing on the London Stock Exchange's (LSE) AIM market in Dece

Florida homeowner insurer HomeWise Insurance Co has issued a $260mn Florida wind-only cat bond just weeks before the start of the North Atlantic wind season on 1 June.

Property losses from the Chinese earthquake in Sichuan province could reach as much as $15bn but the insurance industry is likely to emerge relatively unscathed.

Marsh senior management pressurised its aviation department to use confidential information from rival intermediary United Insurance Brokers (UIB), a pre-trial hearing has been told.

Bermudian Argo Group International Holdings Ltd's 154p a share cash offer to buy Heritage Underwriting Agency plc has been declared unconditional.

Foreign exchange losses sent PARIS RE to a $129.5mn first quarter net loss under IFRS reporting, against a comparable prior-year period net profit of $35.7mn.

Brit Insurance Holdings Plc has appointed Jonathan Turner as active underwriter of Syndicate 2987.

Allianz Group's first quarter results have been hit by a EUR845mn writedown at subsidiary Dresdner Bank following "difficult market conditions", the company has revealed.

Shares in American International Group (AIG) traded down to hover just above a 10-year low in after-hours trading yesterday as the US giant posted a record first quarter loss of $7.8bn triggered by another round of heavy mark-to-market credit derivative a

Munich Re’s first quarter profits dipped 19 percent as it took a EUR578mn hit in its reinsurance division from the spate of major losses hitting the market in the period.

Collins Stewart analyst Tim Young suggested a break-up of the RSA Group could be on the cards after it announced a 15 percent rise in group net written premiums to £1.7bn in the first quarter of 2008, compared to the prior-year period.

Insurance Australia Group (IAG) has been downgraded by Standard & Poor's (S&P) following a review of its risk profile, just days after receiving a renewed extension to QBE Insurance's merger offer.

Marsh & McLennan Companies (MMC) has slipped to a $210mn first quarter net loss as a result of a $425mn goodwill writedown at its security consulting arm Kroll.

Ernst & Young is increasing its focus on (re)insurance run-off after launching a dedicated unit.

The two former Marsh Inc executives who were sentenced to jail time last month for their part in bid-rigging have had their sentences postponed pending their appeal.

Our monthly column keeping a check on recent US and EU legislative and regulatory developments, in association with Sidley Austin LLP

Benfield Group's efficiency drive has extended to the firm's prestigious pension scheme, with the company launching a consultation on reducing its contributions.

The UK High Court has set a 4 July date for scheme meetings for 82 companies involved in the EW Payne Underwriting Pools scheme of arrangement.

There have now been 76 sub-prime/credit crisis related class action lawsuits as anecdotal evidence suggests the extent of the (re)insurance industry’s potential exposures may be getting worse.

Royal Palm changes hands; Offshore energy underwriter launches; PWS 'still under investigation...

Canopius down in March; Price Forbes in Bermuda launch; WR Berkley recruits Brit exec...

The UK Treasury published its consultation paper for the four amendments to be made to the Financial Services and Markets Act 2000 in order to allow Phase II of the landmark $7bn deal between Equitas and Berkshire Hathaway to proceed.