May 2010/4

UK-based legacy player Compre Holdings has set up a service company in Switzerland after agreeing to manage Alea's remaining European run-off.

Bermuda-domiciled (re)insurer Omega Insurance Holdings has continued to recruit new directors by appointing three non-executives to its Lloyd's agency arm.

The China Insurance Regulatory Commission (CIRC) has granted Lloyd's China a licence to write direct insurance, in addition to its existing reinsurance licence.

No criminal charges will be filed against the senior executives that ran AIG Financial Products (AIG FP) into the ground and racked up tens of billions of losses, it has emerged.

There is a 30 percent chance that a weather system currently over the Atlantic will become the first named storm of the season in the next 48 hours, according to forecasters from the US National Hurricane Center.

Broker Marsh placed the insurance programme for the Air India Boeing 737-800 that crashed on Saturday (22 May), killing all but eight on board, The Insurance Insider understands.

Florida cat reinsurance rates are likely to fall back to 2008 levels at the key 1 June renewal date, with pricing projected to soften by 10-13 percent across most layers, fuelled by excess capacity.

Three cat bonds have closed in the last week taking the total 2010 issuance so far to $2bn, amid a late rush to place risk into the capital markets before the hurricane season.

The launch date of Long Bay Re - Catlin Group's $150mn sidecar due to IPO on AIM this week - has been delayed to next month, The Insurance Insider understands.