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November 2009/3

  •  Allied World opens in Singapore; Maiden agrees GMAC quota share with American Capital
  • Ace appoint new Mann to structured risks role; Willis post new CEO for Dutch operations; Endurance appoints Miller to build US Excess Casualty; Torus Re appoints senior casualty U/W.
  • <!--[if gte mso 9]--> The former head of Spanish bank Santander's hedge fund investment arm, Optimal Investment Services SA, has been charged with criminal mismanagement of client funds that were placed with US fraudster Bernard Madoff.
  • The UK High Court has sanctioned schemes of arrangement for the 48 solvent and insolvent companies that make up the Trimark 1968 and prior years pools schemes, after creditors voted "overwhelmingly" in favour at a 9 October meeting, said scheme advisor KPMG.
  • "Mega claims" are now a common occurrence in the power (re)insurance market, with almost half of the aggregate $9.85bn losses recorded over the last ten years resulting from just 16 claims.
  • GIC Re, the reinsurance arm of the Indian state-owned General Insurance Corporation (GIC), is setting up a natural catastrophe pool for local African and Asian (re)insurance companies.
  • UK insurer Brit last week laid out the timetable for its redomicile to the Netherlands - a reorganisation that is expected to see a new holding company listed on the London Stock Exchange on 21 December.
  • Rating agency Fitch said its concerns over reinsurers' ability to tap capital markets following a significant catastrophe have "sufficiently eased", after revising its outlook on the global reinsurance sector from negative to stable.
  • Marsh & McLennan Agency has acquired Texas-based independent insurance agent Insurance Alliance, marking the first step in Marsh's strategic drive towards creating a US agency network.
  • London-headquartered Jardine Lloyd Thompson (JLT) bucked the trend of the global brokers with a Q3 trading statement that detailed continued organic growth and "robust" performance at its London market division.
  • Randall & Quilter (R&Q) has revealed the identity of the US insurer it acquired earlier this year after the transaction received regulating assent.
  • Fraudulent claims in the Lloyd's market could represent a significant proportion of premium income, according to the London Market Claims Council (LMCC), with senior industry figures calling for collaborative action to tackle the problem.