May 2008/4

Yesterday's leadership change is set to be the first of a raft of measures at Insurance Australia Group Ltd (IAG) as the beleaguered insurer looks to restore investor confidence in its future as an independent entity.

"Class of 2005" reinsurer Flagstone Reinsurance Holdings and Swiss headquartered reinsurer Glacier Re have cat bonds totalling $300mn in the capital market awaiting pricing, The Insurance Insider can reveal.

Swiss Re has received a licence to become an admitted reinsurer for the newly de-regulated Brazilian market from the country's regulator.

The private equity backed run-off insurers Seaton Insurance Co and Stonewall Insurance Co have appealed against a decision earlier this month in a New York court which prevents them from pursuing a claim against a Randall & Quilter (R&Q) affiliate in the

The Texas Windstorm Insurance Association (TWIA) is set to buy $1.5bn in reinsurance cover with this year's North Atlantic hurricane season only days from its official start.

There are thought to be around six to seven serious bidders in the running for Royal Bank of Scotland's insurance operations (RBSI) as the deadline for the first round of bids closes tomorrow.

Bermudian-headquartered reinsurer PartnerRe Ltd is to issue $250mn in a bid to repay debt.

Lloyd's insurer Heritage Underwriting Agency plc, which was acquired by Bermudian Argo International Group earlier this year, has maintained its previous forecasts on its Lloyd's syndicates.

US insurer The Travelers Cos Inc has said that a "fine tuning" of its projected investment income should see operating earnings at the lower end of previous forecasts this year.

Shrugging off a number of downbeat trading statements from rival Lloyd's insurers, Omega Insurance Holdings Ltd said last week that it is confident about its 2008 performance following a strong quarter.

The investigation of American International Group's (AIG) former chairman and CEO Hank Greenberg over his alleged role in the controversial finite reinsurance transaction that was used to boost the firm's earnings also includes a second deal, according to

Moody's downgraded the debt ratings of American International Group (AIG) last week despite the insurance giant completing a $20bn capital raising exercise.

On the eve of the official start to the 2008 North Atlantic hurricane season, the US National Oceanic and Atmospheric Administration has echoed other experts in predicting a heavy year.

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

The recent devastating earthquake in China's Sichuan province will cost the country's insurers a mere $43mn, according to the China Insurance Regulatory Commission (CIRC).

Benfield Group Ltd has invested $50mn in Juniperus Insurance Opportunity Fund (JIOF), a newly formed vehicle managed by former RenaissanceRe executive Michael Cash focussing on the collateralised reinsurance and insurance linked securities (ILS) markets.

Andreas Loucaides has resigned from Catlin Insurance Company UK Ltd after four years as its CEO.

The UK's Financial Services Authority (FSA) may call time on its "light touch" after reviewing its position following fall-out from the credit market turmoil.

Aon Re Global has named Jan-Oliver Thofern as the new head of its German reinsurance arm, Aon Ruck.

A Florida pension fund is suing American International Group (AIG) accusing it of making misleading statements about the company's finances.

Negotiations surrounding the sale of Heath Lambert's wholesale division to Cooper Gay were delivered another blow last week after it emerged that a major unit in the transfer will no longer be a part of the proposed deal.

French reinsurer SCOR has announced details and the launch of its London "hub".

Jardine Lloyd Thompson (JLT) looks set to continue its strategy of bolt on acquisitions after it emerged that the firm is in advanced talks to buy the London market (re)insurance broker Harman Wicks & Swayne (HWS).

Canopius Group Ltd founding chairman Michael Watson said the group is no longer searching for potential buyers, following the publication of its "record results" for 2007 last week.