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November 2010/4

  • Ambac Assurance Corp, a subsidiary of troubled bond insurer Ambac Financial Group Inc, has said banks may be liable for some of the losses resulting from poorly performing mortgage bonds that it insured.
  • Willis North America chairman and CEO Don Bailey has resigned and will join personal lines giant Allstate, The Insurance Insider can reveal.
  • Barclays hires new MD of insurance; Heath Lambert strengthens projects risks division; Canopius strengthens marine and North American facilities teams; Markel International expands trade credit division; Tawa announces share buyback programme; Russell Group launches underwriting software package.
  • Charles Taylor plc has warned that its full-year 2010 earnings will be at the lower end of expectations as its legacy operations continue to underperform.
  • Alea, the run-off reinsurer controlled by New York buy-out firm Fortress, is to de-list from the London Stock Exchange some five years after it was effectively forced to stop underwriting.
  • The damages that US wholesaler CRC Insurance Services was awarded against a former star broker who allegedly fabricated sales figures has been overturned by a California appeals court.
  • The barrage of litigation that Willis has faced from the Allen Stanford affair since 2009 has continued, the broker's last quarterly SEC filing has revealed.
  • The Sydow Firm is suing Lloyd's of London and the Society's legal representative Akin Gump Strauss Hauer & Feld over unpaid legal fees relating to its defence of former Texan billionaire Sir Allen Stanford.
  • Lonmar Global Risks has settled with fellow London independent Tysers for court costs arising from a staff poaching trial that ended with all claims being dismissed, The Insurance Insider revealed.
  • Mariah Re, the first cat bond to focus solely on US thunderstorm risk, has closed fully placed, raising $100mn for new sponsor American Family Mutual Insurance.
  • Buyers of industry loss warranty (ILW) instruments are seeking more risky exposure to European wind to provide balance to the run of low-risk new cat bonds that have been issued in recent months.
  • Howden Broking Group has agreed a partnership with Mexican consultancy Financial Lines Advisory Group (Flag) to develop a range of financial lines products for the Latin American market.