November 2009/4

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Canadian (re)insurance combine Fairfax Financial Holdings (FFH) is to exit the New York Stock Exchange, citing cost and financial streamlining for the decision just a month after it took Odyssey Re into 100 percent ownership.

Moves to clampdown on corporate crime have edged forward on both sides of the Atlantic, with the launch of an anti-fraud initiative in Washington and a bribery bill at Westminster.

Marsh is in advanced talks to buy UK-headquartered rival HSBC Insurance Brokers Ltd (HSBC) after the world's third-largest bank decided to exit insurance broking, The Insurance Insider has learned.

The bond between Ironshore and former AIG chief Hank Greenberg's CV Starr continued to tighten last week, with an agreement that will see Starr Aviation Agency underwrite on the Bermudian insurer's paper with immediate effect.

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US managing general underwriter Global Benefits Group (GBG)'s application for an injunction against its former reinsurance broker Reza "Ray" Khadivi has been dismissed for lack of evidence and jurisdictional issues, court documents reveal.

In a further test for solvent schemes of arrangement, the hearing for the English and American Underwriting (EAUA) Pools' leave to convene a meeting of creditors is scheduled to be held in the UK courts on 30 November 2009.

After both shedding its UK arm earlier in the year and combining its European and Bermuda operations, run-off (re)insurer Alea Group is continuing to look for ways to manage down its liabilities.

Big three sign up for Lloyd's pilot; XL Capital takes first steps towards creating Chinese subsidiary

RFIB Group hires HSBC Insurance marine director; Aon Limited appoints new UK COO; RK Harrison bolsters trade credit and bonds division; XL strengthens equine with Unicorn hires...