May 2009/3

UK-based engineering support services firm Babcock International Group plc is pioneering a £500mn longevity swap with Credit Suisse - the first in a series of transactions designed to hedge 45 percent of its £1.7bn defined pension liabilities.

Bahrain-based reinsurer Arig posted a first quarter net profit of $1.48mn, half the $2.96mn it posted for the first three months of 2008 but nevertheless a return to profit after it booked a full-year loss of $28.57mn last year.

Laura Pendergest-Holt, the chief investment officer for Stanford Financial Group, has been indicted by a Houston federal grand jury on charges of obstruction of justice and conspiracy to obstruct justice.

Lloyd's (re)insurers Brit and Amlin impressed with strong figures in interim management statements last week, supporting strong top line growth with bullish comments on pricing.

After a delayed entry to the power station insurance market, Sciemus had an active Q1 which saw it begin incepting risks through its managing general agency (MGA) on Inter Hannover paper.

Guy Carpenter chairman Britt Newhouse is relocating to London as the reinsurance broker looks to bolster the management structure of its European operations, The Insurance Insider can reveal.

Troubled US insurer The Hartford Financial Serviced Group has been given a much needed fillip with preliminary approval for a $3.4bn participation in the US Treasury's Capital Purchase Program (CPP).

After a recent surge, shares in Swiss Re took a volatile path last week as reports that the reinsurance giant was looking to undertake an equity issue at SFr32 compounded a stockbroker downgrade.

Former Marsh & McLennan (MMC) president and CEO Michael Cherkasky has been named chairman of the New York State Commission of Public Integrity.

Legacy UK (re)insurer Scottish Lion has applied to the Scottish Court of Session to sanction its proposed solvent scheme of arrangement after receiving "overwhelming support" from its creditors for the proposal...

American International Group (AIG) is speeding up plans to reposition its Asian life insurance operations as an independent company that will include a multi-billion dollar initial public offering (IPO).

Great American Insurance has asked for a judge to decide the outcome of a $15mn claim from a directors' and officers' (D&O) insurance policy that relates to an ongoing dispute with American International Group...