October 2009/4

Xchanging opens US headquarters; RFIB announces divisional restructure; Towergate acquires Hull-based broker; QBE secures rugby sponsorship deal; Moody’s upgrades Markel Syndicate 3000...

After a lengthy impasse, Russian-backed private equity firm Pamplona Capital Management finally upped its shareholding in Lloyd's insurer Chaucer to 16.27 percent on Friday (23 October).

Credit rating agencies Moody's and S&P have until the end of the week (30 October) to respond to fraud charges levelled in a far-reaching class action suit accusing them of masking the risks of the collapsed Cheyne SIV.

Luzi Hitz, CEO of European catastrophe information aggregator Perils AG, said the company's plans to provide a European industry-wide loss index will boost capacity in the European insurance-linked securities (ILS) and industry loss warranty (ILW) markets

As the European reinsurance industry descended upon the sleepy German spa town of Baden Baden yesterday to kick-start the annual reinsurance gathering, several key themes dominated early conversations.

With the Q3 reporting season picking up pace this week, strident third quarter results from early reporting US and Bermudian (re)insurers have brought the issue of capital management back into sharp focus.

As the US non-life industry gathers in Florida for the annual PCI conference, one of the unexpected topics was Markel Corp announcement that the group's president and COO Paul Springman had taken an unexplained leave of absence.

Jubilee hires senior ONE Group figure for claims business; RFIB hire Aon Benfield broker as marine director.

American International Group (AIG), which received $182.5bn from the federal government's $700bn Troubled Asset Relief Program (TARP), has missed three dividend payments to the Treasury.

AIG's challenge of retaining its key management may have got tougher last week, after the Obama administration's pay tsar Kenneth Feinberg imposed brutal cuts on the salaries of its most senior executives.

UK regulator the Financial Services Authority (FSA) weighed into the hot political topic of the supervision and regulation of financial institutions deemed "too big to fail" last week.

The International Association of Insurance Supervisors (IAIS) highlighted the important role of insurance "as a means of socio-economic development" at its annual conference in Rio de Janeiro last week.