November 2010/5

Specialist broker Cooper Gay has restructured its London market reinsurance operations after the departure of Jim Summers, the CEO of the company's UK and Lloyd's arms.

Pike River Coal, the operator of the New Zealand mine that exploded and killed 29 men, has NZ$100mn of material damage and business interruption insurance cover.

Foreign insurers are continuing to find China a challenging market to operate in, according to a PricewaterhouseCoopers (PwC) survey.

Last week at Mansion House in the heart of the City, the great and the good of the London market gathered for a conference organised by The Insurance Insider in association with Xchanging.

Surplus capacity in the marine markets "defies logic" even as shipping industry buyers see tentative signs of recovery from the prolonged global trade slump, according to Willis Group.

US specialty insurer WR Berkley's specialist underwriting unit, Berkley Oil & Gas, has signed up a Dallas managing general underwriter, JH Blades & Co/Swett & Crawford, to underwrite control of well, general liability and umbrella insurance on its behalf.

First-round bids for American International Group (AIG)'s Taiwanese life business Nan Shan will be called for in early December, according to reports.

Jamaica will take up rainfall cover under the Caribbean Catastrophe Risk Insurance Facility (CCRIF) by the end of January next year, adding to its hurricane and earthquake cover from the fund.

Ariel Re has promoted Ryan Mather to the new position of chief underwriter for reinsurance.

(Re)insurer credit default swap (CDS) spreads again narrowed in November as investors continue to remain optimistic about the sector.

The Lloyd's market is well ahead in its efforts to prepare itself for the introduction of Solvency II in two years time, according to a roundtable discussion at the Xchanging London Market Conference last week (25 November).

QBE unveiled a major shake-up of its European division, creating three new chief underwriting officers to head up different parts of the business, following its group-wide regional operating restructure in August.