October 2008/4

Brit Insurance Holdings plc has pulled out of its binding authority agreement with aviation managing general agency (MGA) Augsburg Re, The Insurance Insider can reveal.

Transatlantic Re's determination to protect its interests as its embattled majority shareholder seeks to sell its stake is deterring potential buyers, The Insurance Insider can reveal.

American International Group (AIG) announced the appointment of key executives last week it hopes will steer it through the current crisis that threatens to engulf the US insurer.

Former Independent Insurance executive Keith Rutter has left (re)insurance broker Lockton International for AmTrust as the expansive US insurer looks to grow its London presence.

Despite booking its first ever quarterly loss, Bermudian (re)insurer Lancashire Group offered a bullish assessment of prospects in the market, as it heralded a return to hardening conditions.

Lloyd's insurer Amlin plc ended prolonged speculation over its star head of underwriting as it revealed Tony Holt will stand down from executive responsibilities at the end of year, taking a non-exec board position.

Willis Group shares fell heavily after the broking giant reported third quarter profits below analysts’ expectations and said it was reviewing targets for 2009 and 2010 because of the financial turmoil.

UK-listed broker Jardine Lloyd Thompson (JLT) group has appointed Patrick Snowball to its board as a non-executive director.

A slew of US and Bermudian (re)insurers reported dismal third quarter results as they fell victim to natural catastrophe losses and the credit crunch continued to bite with realised and unrealised losses on investment portfolios.

Fitch Ratings group managing director Keith Buckley has said the (re)insurance industry is currently a "dicey environment", warning "not to be scared as to what happens to this industry is to not be paying attention".

Shares in beleaguered American International Group (AIG) plummeted a further 18 percent in early trading today as fears grow that the company may be running out of time to sell assets to pay off its mounting government debt burden.

UK broking giant Aon Limited has appointed Pauline Colving to be UK chief risk officer.