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November 2009/4

  • Former American International Group (AIG) chairman and CEO Maurice "Hank" Greenberg and his one-time CFO Howard Smith have buried the hatchet with AIG, settling all their long-running legal battles.
  • US financial watchdogs have heaped further criticism on the Federal Reserve Bank of New York (FRNY) for its handling of last year's near-collapse of American International Group (AIG).
  • Expansive Lloyd's insurers RJ Kiln and WR Berkley have confirmed increases in capacity for the 2010 year of account.
  • The Pennsylvania Insurance Commissioner Joel Ario last week filed a complaint to force Kingsway Financial Services to unwind a set of "sham transactions" that it said negatively impacted Lincoln General, one of its subsidiaries in the state.
  • Lloyd's (re)insurer Chaucer became the latest firm to admit to a shortfall in its trade credit portfolio last week, as it revealed it had strengthened the reserves by £23.5mn in the third quarter.
  • Bermuda-domiciled Hardy Underwriting unveiled good progress towards its goal of doubling premium income between 2008 and 2012 last week.
  • In a deal with European private equity firm Astorg Partners unveiled last week, Willis neatly avoided the $400mn sword of Damocles that has hung over the company's balance sheet in the form of a financial obligation to consolidate its French broking affiliate Gras Savoye.
  • JLT energy broking partner Paddy McMurray is to join acquisitive international wholesale energy broking venture Alesco, The Insurance Insider has learned.
  • ILS pioneer Swiss Re has increased the size of its Vita IV extreme mortality cat bond to $75mn and its Successor X US wind and quake transaction up to $120mn, due to investor demand.
  • In a key example of the challenges service providers have been posed by the global economic downturn, Navigant Consulting's (re)insurance service line is set to be discontinued in the coming months.
  • Flagstone Re's US wind and quake cat bond Montana Re has increased in size by $55mn to $175mn during the marketing phase, with high investor demand pushing pricing to the low end of guidance, our sister publication Trading Risk has learned.
  • Shipowner mutual the London P&I Club will push for a 5 percent annual premium increase, as the P&I sector finds its feet after the 2008 financial crisis and members grapple with the world trade slump.
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