October 2008/1

A fundamental disagreement over the issue of mandatory commission disclosure lies at the heart of the decision by the London Market Insurance Brokers’ Committee (LMBC) to break away from the British Insurance Brokers’ Association (BIBA) and form a rival t

The global stock market crash has caused Yamato Life insurance, Japan’s nearly century old insurer, to declare bankruptcy overnight.

Embattled US insurer American International Group (AIG) has borrowed $70.3bn on loans from the government in the three weeks since its initial $85bn bail-out, up $9bn since last Friday (3 October), according to reports.

The London Market Insurance Brokers’ Committee (LMBC) is breaking away from its parent body the British Insurance Brokers’ Association, The Insurance Insider can reveal.

On another bleak day on Wall Street, XL Capital shares more than halved to close at $4.01 as fears returned over the Bermudian (re)insurer's investment portfolio.

Expansive Lloyd’s insurer Hardy Underwriting Bermuda Ltd has hired a five-strong team from HSBC that will bring renewal rights to a portfolio of high net worth property business.

Start-up energy insurer Torus Insurance Holdings Ltd has confirmed the appointment of Clive Tobin as the group’s CEO, effective 1 January 2009, as revealed by The Insurance Insider in June.

Concerns that American International Group’s $85bn Federal Reserve loan would not be sufficient were relieved late yesterday when the embattled insurance giant received a further $38bn in cash collateral from the Federal Reserve Bank of New York.

A US congressional committee has criticised former AIG executives during a hearing to examine the regulatory mistakes and financial excesses that led to the $85bn bailout of the insurance giant on 16 September.

Shares in several (re)insurers both sides of the Atlantic have continued to slide today, despite coordinated efforts by central banks to provide stability to the banking sector and wider financial markets.

Bermudian-headquartered run-off specialist Enstar Group Limited has announced that its wholly-owned subsidiary, Royston Run-Off Ltd, has won the race to buy Unionamerica Holdings Ltd, the discontinued operations of the Travelers companies’ Inc’s UK-based

Our monthly column keeping a check on recent US and EU legislative and regulatory developments, in association with Sidley Austin LLP