May 2008/2

Bermudian (re)insurer Validus Holdings Ltd has formed a new Miami-based company to act as an approved coverholder for its Lloyd's Syndicate 1183.

The US Securities and Exchange Commission (SEC) is to begin distributing over $800mn to American International Group (AIG) shareholders as part of the giant's settlement with regulators.

Willis has launched a new Malta-based captive management operation, Willis Management (Malta) Ltd.

UK listed broker Jardine Lloyd Thompson Group (JLT) has strengthened its reinsurance operations with a slew of appointments from rival firms.

Aon Corp has expanded its presence in the Latin American market after snapping up Peruvian reinsurance intermediary, Cosegur Re.

The chairman of "Class of 2005" firm Flagstone Reinsurance Holdings said its nimble stature was key to its ability to ride through the softer market conditions.

Max Capital Group Ltd revealed net income slumped $72.3mn compared to the prior-year period, which has been attributed to losses on investments.

Allied World Assurance Company Holdings Ltd (AWAC) said underwriting discipline helped net income grow by $17mn in the first quarter of 2008, compared to the prior-year period.

Bermudian sidecar-style reinsurer Castlepoint Holdings Ltd continued to grow both its top and bottom line in the first quarter.

Monoline bond insurer MBIA Inc is suing two insurers over a $75mn settlement it made with US regulators last year.

The continuing saga of QBE Insurance's merger approaches to Insurance Australia Group (IAG) is beginning to take on the appearance of an Australian soap opera as twists and plot developments play out through the Australian Stock Exchange.

Profits at specialty insurance group Markel Corporation shrank by 66 percent after the firm was hit by a $56.3mn loss in its investment portfolio.