November 2007/3

UK corporate financier Sir Laurie Magnus said the British government needs to reduce Britain's corporation tax rate to around 20 percent to ensure the City retains its status as a world (re)insurance hub.

Newcomer Ark Syndicate Management, which started writing business at Lloyd's in April this year, has proposed the launch of a sidecar syndicate, which is currently subject to approval by the society's Franchise Performance Directorate.

German insurance giant Allianz SE has issued EUR155mn and $65mn of European windstorm cat bonds through a newly created EUR1bn shelf vehicle, Blue Fin Ltd, as predicted by The Insurance Insider last month.

Financial markets have been gripped by a new wave of fear in recent weeks, with Wall Street reacting to concerns about monoline bond insurers’ exposures to sub-prime losses, which could spark a credit crisis across the municipal bond market...

Administrators of loss-hit Kamp Re 2005, Zurich Financial Services' (ZFS) catastrophe bond, are believed to have filed a partial loss on the bond last month, invoking the option to elect a 36 month extension period on the original maturity date of 14 Dece

American Financial Group, Inc (AFG) is to become a significant capital provider to the Lloyd's insurer Marketform Group Ltd, and its Syndicate 2468 in 2008, Insider Week can reveal.

The departure of Marsh CEO Brian Storms after a disappointing performance at the broker has cost parent company Marsh & McLennan (MMC) $13mn in severance costs.

London-based brokers Benfield Group and Jardine Lloyd Thompson (JLT) saw their share prices drop at the back end of last week after being hit by weak equity markets.

Marsh is in discussions with carriers to introduce "enhanced commissions" in its US middle market and small commercial business, as it looks to "level the playing field" with brokers that are still accepting contingent commissions.