November 2007/4

US broker USI Holdings Corporation has unveiled Michael Sicard as the successor to David Eslick as its chairman, president and CEO.

The Companies Act 2006, which is currently in its implementation phase, paves the way for UK shareholders to bring "US-style" derivative actions against directors and officers for breaches of duty.

Steve Taylor, business development officer for Gallagher Re, is leaving the reinsurance broker to join one of its clients, WR Berkley Corporation.

The US Senate passed a seven-year extension to the Terrorism Risk Insurance Act (TRIA) last Friday (16 November).

Quoted Lloyd's insurers Amlin plc and Beazley plc continued the market trend for share buybacks after announcing the repurchase of shares totalling £150mn last week.

Catlin Group COO, Paul Jardine, has called on insurers to be "very wary" of repatriating capital to shareholders in the current market environment, as the sub-prime debacle may hamper future attempts at capital raising.

Swiss Re shares slumped over 10 percent today after the reinsurer announced a SFr1.2bn (£524mn) hit – SFr981mn after tax – on two credit default swaps linked to mortgage backed securities.

Lloyds TSB Corporate Markets has hired former Citigroup executive Stephen Winningham as global head of its Financial Institutions relationship banking division.

Bermudian insurer Lancashire Holdings Limited has announced the appointment of Jens Juul and Simon Burton to its board of directors.

UK life insurer Pearl Assurance has emerged as the strongest bidder in the takeover struggle for UK life funds consolidator Resolution plc, after raising its cash offer to 720p per share.

Ratings agency Moody's Investor Services has warned insurers against "diversification for diversification's sake" in a softening market, stating that global market rates are now "past their peak" and "M&A activity can be challenging".

The critical Court of Appeal verdict that upheld the Summary Judgement, which struck out large parts of the defence of London market reinsurers led by Allianz in a case brought by the North Korean national insurer...