November 2010/5

Broker Marsh has launched a new platform to offer multinational companies up to $100mn of cover per risk for foreign-based assets or equipment in transit, which it says will allow companies to pursue opportunities overseas against a background of rising political risk.

Japanese firm Mitsui Sumitomo Insurance Co is considering following compatriot Tokio Marine’s example and expanding its London presence by buying an insurer within two years, according to reports.

Specialty insurer Hiscox has added two new non-executive directors to its board - Richard Gillingwater and Bob McMillan..  </

ProSight acquisition is confirmed; Ratings agency downgrades Allianz subsidiary; HCC announces two additions to board...

Lincoln General Insurance Company and Pro, a subsidiary of UK-listed legacy acquirer Tawa, announced a strategic relationship last week that will bring together their resources and experience.

With little more than two years to go until Solvency II goes live, just one in 10 European insurers believe that their internal model would currently be approved for use, according to new research from Towers Watson.

Investment returns are insurers' number one concern, according to a new Swiss Re Sigma study on the impact of the financial crisis and changing regulations on insurers' asset management.

European brokers' association the European Federation of Insurance Intermediaries (Bipar) has signed a transparency protocol with risk managers trade body the Federation of European Risk Management Association (FERMA), suggesting that brokers should fully inform clients of their remuneration packages - but only if asked.

Investment bank Goldman Sachs has brought the first health insurance related risk to the insurance-linked securities (ILS) market with the proposed $200mn Vitality Re securitisation for new sponsor Aetna Life Insurance.

Swiss Re is seeking to renew a multi-peril, multi-event cat bond deal structured as the reinsurance equivalent of collateralised debt obligations.

Lloyd's (re)insurance broker RFIB's operating profits for 2009 climbed 17 percent to £3.5mn while adjusted pre-tax income remained flat, as growth and profits remain under pressure for London independents.

Willis Group moved swiftly to promote Vic Krauze to chairman and CEO of Willis North America, following the resignation of incumbent Don Bailey earlier this month.

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.