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November 2008/2

  • Kevin Kelley has left his position as president and CEO of American International Group (AIG) subsidiary Lexington Insurance Company to take over as CEO of Ironshore Inc.
  • Independent reinsurance broker RK Carvill has announced that it is to cease placing or renewing any new treaty business incepting after 1 April 2009, The Insurance Insider has learned.
  • Omega Insurance Holdings Ltd has become the first quoted Lloyd’s (re)insurer to unveil plans to raise capital to take advantage of the sector’s improved trading prospects.
  • Lloyd’s managing agent RJ Kiln is to open a new Syndicate in 2009 for intra-group reinsurance as part of the Tokio Marine Group, The Insurance Insider can reveal.
  • UK finance ministry, Her Majesty’s Treasury (HMT) has convened a working group of ten top insurance executives to consider key issues facing the issue in the next 10-30 years and shape developments in the market, The Insurance Insider has learned.
  • Lloyd’s insurers writing US business face the challenge of finding additional capital in the New Year to support 2009 underwriting as a result of the dramatic swing in the $/£ exchange rate – even in the absence of expected hardening of rates.
  • Property Claim Services (PCS) has raised its estimate for onshore insured losses from Hurricane Ike by just over 30 percent to $10.655bn.
  • Swiss Re has withdrawn from negotiations with private equity firm CVC Capital Partners over its proposed purchase of Royal Bank of Scotland's (RBS) insurance assets, The Insurance Insider can reveal.
  • Hiscox Ltd, the UK quoted (re)insurance group, is building out its US operations with “10 key appointments” and plans to open four new offices in Lexington, Kansas City, Miami and Los Angeles next year.
  • Lloyd’s (re)insurer Hiscox has parted company with Robert Forness, the CEO-elect of its Bermuda subsidiary, The Insurance Insider has learned.
  • American International Group (AIG) has moved onto the next phase of its revamped US government bail-out with the launch of a vehicle to take on multi-sector collateralised debt obligations (CDOs) underlying...
  • The European Union Council of Economic and Finance Ministers (ECOFIN) has approved a Solvency II directive in which all reference to group support and group supervision has been cut...
  • Aviation pool Global Aerospace Underwriting Management (GAUM) leads the $47mn hull cover for the Air New Zealand-owned Airbus A320 that crashed yesterday (27 November) in Perpignan, The Insurance Insider understands.
  • Amlin plc is raising capital to form a new quota share syndicate for 2009 financed by Lloyd’s Names to take advantage of the improving market conditions, The Insurance Insider can reveal.
  • Fabrice Desnos, CEO of Credit insurance specialist Euler Hermes UK has told The Insurance Insider that an increasing number of risks “have become uninsurable in the strictest sense” and underwriters are having to be more selective...
  • The audacious hijacking of the Saudi supertanker Sirius Star 400 nautical miles off the coast of Kenya earlier this month upped the ante for piracy in the region and is causing hull, cargo and P&I underwriters to look closely at policy wordings...
  • BMS Group has reached a settlement with former senior employees and rival London market broker CJ Coleman (CJC) over claims of conspiracy and gross breach of duty that it brought to the UK High Court on 24 November, The Insurance Insider has learnt.
  • The acrimonious defection of a UK construction team to London market broker RFIB Group has failed to wrestle the major Balfour Beatty civil engineering account, The Insurance Insider can reveal.
  • American International Group (AIG) has slashed senior executive remuneration as a gesture to its new US political paymasters and in an attempt to speed the group to recovery, with CEO Ed Liddy earning a $1 salary for 2008-2009.
  • London-based captives and mutual manager Heritage has received the green light to establish Heritage Insurance Management (Bahrain) WLL (HIMB) on the Persian Gulf island kingdom Bahrain.
  • Private equity backed insurance group Hyperion is poised to take on Benfield Corporate Risk's (BCR) US wholesale property/casualty unit to its broking arm Howden, The Insurance Insider can reveal.
  • Eric Dinallo, superintendent of the New York Insurance Department, has pulled plans for the state to regulate credit default swaps (CDS) it considers insurance.
  • The timetable for implementing Solvency II is likely to be delayed to 2013 as the proposal for European-wide insurance regulation struggles in murky political waters and amidst the current financial turmoil.
  • BMS Group brought its claims of conspiracy and gross breach of duty against former senior employees, competitor CJ Coleman & Co (CJC) and its CEO David Merry to the UK High Court today (20 November).