May 2008/4

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.

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.

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

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).

Ratings agency Standard & Poor's (S&P) has hit beleaguered Bermudian life reinsurer Scottish Re with a four notch downgrade sinking the firm deep into junk territory.

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.

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.

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.

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

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

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