October 2007/4

Florida’s chief financial officer has proposed giving the state’s governor and cabinet the authority to set the reinsurance levels and pricing of the Florida Hurricane Catastrophe Fund’s optional coverages.

US property/casualty insurers are expected to pay homeowners and businesses an estimated $1.125bn for third-quarter property losses, according to preliminary analysis by ISO’s Property Claim Services (PCS) unit.

US insurance giant, American International Group (AIG), is a partner in a consortium, led by Richard Branson’s Virgin Money, to buy stricken UK mortgage bank, Northern Rock.

The £800mn pledged by the UK’s chancellor of the exchequer Alistair Darling in his pre-budget report has been criticised as insufficient by the insurance industry.

Swiss Re run-off subsidiary, Pro Insurance Solutions Ltd has announced the formation of a US affiliate, PRO US, in a move which highlights the growing interest in the country’s discontinued business sector.

Steven Schulman has become the second former Milberg Weiss LLP partner to plead guilty in a long-running federal probe into the making of improper payments to clients in an alleged kickback scheme.

UK life funds consolidator Resolution plc, which announced in July that it had agreed a merger with UK life insurer Friends Provident to create a £9bn insurance group Friends Financial, has rejected a takeover bid from UK rival...

Two members of Bermudian energy mutual Oil Insurance Limited (OIL) have decided to “withdraw their policies” from January next year.

AJ Gallagher International’s (AJGI) new onshore/offshore energy and utility broking subsidiary is set begin operations in the New Year.

The recent surge in war, political violence (WTPV) and terrorism and an explosion of global business expansion, could cost businesses dear if they fail to appreciate the risks they face, a leading Hiscox underwriter in the sector has warned.

Benfield Group Ltd has bought Canadian specialist energy brokers Beaufort International Insurance Inc and Beaufort Insurance Services Inc.

The jury in the trial of three former Independent Insurance executives was sent out to consider its verdict on 12 October.