October 2007/1

The trial of three former Independent Insurance executives is drawing to a close in London with the jury expected to start considering its verdict by 21 October, according to the Serious Fraud Office.

Markel International, part of the stream of Lloyd's insurers opening a Singapore platform, has confirmed former Marsh Asia executive Peter Phillips will head its new office.

The first set of results since its initial public offering (IPO) on London’s Alternative Investment Market (AIM) are “on track”, Tawa plc has revealed.

Failed (re)insurer Goshawk Insurance Holdings PLC has announced post-tax profits for the first half of 2007 of $1.7mn up from the $2.6mn loss it reported for the same period last year.

Bermuda-headquartered Lloyd’s insurer Hiscox Ltd has begun a share buyback scheme after purchasing 839,699 ordinary shares.

XL Capital has continued the market trend for returning capital to shareholders after announcing its second share buyback programme this year.

Talbot Underwriting Ltd, the Lloyd’s insurer that was acquired by Bermudian (re)insurer Validus Holdings Ltd in July, has appointed Michael Carpenter as chairman and Rupert Atkin as CEO.

Colemont Global Group, the international arm of US wholesaler Colemont Corporation, announced the acquisition of a majority share in a leading Brazilian aviation broker last week.

Consistent profitability and predicted favourable returns have prompted rating agency Moody's to upgrade QBE's non-marine liability Limit Syndicate 386 from A- (good) to A (very good).

A class action bid-rigging suit against a number of commercial insurers and brokers has failed to show the industry players were guilty of fraud under federal racketeering statutes or that they violated federal anti-trust laws...

Lloyd's interim results reflected the strong performance of insurers underwriting in the marketplace as well as warnings of widely softening market conditions.

Former HIH director Dominic Fodera, who is serving a two-year jail term for issuing misleading financial statements, has pleaded guilty to a further criminal charge relating to the collapse of the failed (re)insurer.