October 2007/2

New York insurance superintendent, Eric Dinallo, is spearheading new regulation that would remove collateral requirements for the highest rated foreign and non-New York reinsurers, stating that "we cannot afford to maintain outdated and unnecessary...

New market entrants are “critical to maintaining the attractiveness of the Lloyd’s market”, according to the Society’s Franchise Performance Director, Rolf Tolle.

Analysts have reacted cautiously to Munich Re's $1.3bn planned purchase of US primary insurer The Midland Company (Midland).

Munich Re has launched a $260mn cat bond to cover earthquake risk for the East Japan Railway Company (EJRC), the first significant issue since the beginning of August

The London market has missed its 60 percent third quarter target for usage of electronic claims files (ECF) by 15 percentage points, making the year-end target of 100 percent "more challenging", said the Market Reform Group (MRG) in a statement today.

Hiscox Ltd will not renew its $360mn sidecar Panther Re for the 2008 year, the company revealed today in a London Stock Exchange announcement.

Arthur J Gallagher International (AJGI) is set to launch a joint-venture onshore/offshore energy and utilities broking subsidiary headed by Simon Matson, who has resigned from Aon Energy.

Legacy business purchaser Ruxley Ventures has been given the green light to acquire the London branch of Italian giant Generali’s Swiss subsidiary, Generali Assurances Generale (GAG).

Details of Connecticut attorney general Richard Blumenthal’s lawsuit accusing Guy Carpenter of conspiring with reinsurers to fix prices and terms reveal an alleged catalogue of abuses involving binding authority programmes.

Tysers has bucked the trend for small to mid-size London broker sales to larger rivals and private equity investors, after completing a management buyout transaction it says will secure its independence.

Connecticut attorney general Richard Blumenthal has vowed to draw back the "cloak of secrecy" covering the "entire reinsurance industry" following the filing of an anti-trust lawsuit yesterday against global reinsurance broker Guy Carpenter.

Although Lloyd’s expects sub-prime related claims to be a fraction of the liability losses that hit the market as a result of Enron, WorldCom, laddering, and other corporate scandals of the early noughties...