May 2009/3

Montpelier Re Holdings Ltd will begin writing marine insurance business through its Lloyd's platform in August after hiring Mike Southgate from Swiss Re to spearhead the launch.

The joint venture that acts as the clearing house for the London market, Xchanging Ins-sure Services (XIS), has appointed Richard Bucknall to succeed its current chairman, Sir Laurie Magnus.

Mark Butterworth, managing director of Ironshore-owned Lloyd's reinsurer Pembroke, has resigned from the company and is working his notice, a spokesperson for Syndicate 4000 confirmed.

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...

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).

Lloyd's has censured three members of Ark Syndicate Management's Accident and Health (A&H) underwriting team for "discreditable and detrimental conduct" following their move to Ark from Travelers' Lloyd's platform in 2007.

UK insurer RSA has raised £500mn of subordinated debt to bolster its financial flexibility ahead of any call on its existing EUR500mn subordinated guaranteed bonds.

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).

Adrian Fox, the financial institutions (FI) specialist who resigned from Aspen Insurance Holdings in March, has re-emerged at HSBC Insurance Brokers.

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...

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.

Newly founded Zurich-based Perils AG estimates the property insurance market loss for windstorm Klaus at EUR1.55bn.