October 2009/4

The convergence market's uneasy relationship with US liability perils should be rethought, as the prospect of a new era of tort expansion will create opportunities for the sector.

A global coalition of insurers has called on developed countries to agree to a 40 percent cut in greenhouse gas emissions by 2020 at the UN climate change negotiations in Copenhagen in December.

In the latest chapter of the bid-rigging saga that has haunted Marsh since 2004, the broking giant and American International Group (AIG) have been served with a lawsuit by US commodity producer and distributor Seaboard Corp.

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

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.

London-based Venture capitalist partnership Alpine Risk Services has provided funding to drive the future expansion plans of the UK transactional consultancy and development firm Wildnet.

Expansive independent (re)insurance broker Cooper Gay has acquired the majority shareholding in Florida-based reinsurance broker, Reinsurance.com.ar LLC.

Rates and premium levels for airlines have continued to increase for risks renewing in October, though brokers are divided as to the extent of the increases achieved.

A new draft of a bill on regulating credit rating agencies is set to be lodged in the US House of Representatives with key language dropped, according to reports.

Bermudian Max Capital Group has appointed Adam Mullan as CEO of Max at Lloyd's - the managing agent for Syndicates 1400, 2525 and 2526 - as it looks to build out its Lime Street platform.

The World Bank is launching a catastrophe bond issuance platform to give governments and other public entities access to international capital markets for natural catastrophe insurance.

Hartford Financial Services Group will pay $1.3mn to resolve a lawsuit from Connecticut attorney general Richard Blumenthal alleging that a former reinsurance business engaged in illegal price-fixing.

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.

In a reversal of normal industry practice, the European Court of Justice (ECJ) ruled last week (22 October) that VAT is now liable on the cross-border sale of portfolios of reinsurance business

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.

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).

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

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

Texas-based Southwest Insurance Partners Inc (SWIP) has named Arthur Seifert as CEO to drive expansion at its wholly owned underwriting agency, Bunker Hill Insurance Agency.

The well-managed run-off of the Illinois-headquartered Kemper Insurance Cos inspired the US P&C legacy industry to acknowledge Barbara Murray as its Run-Off Person of the Year.

Aon Benfield has moved to strengthen its Benelux division with the appointment of Hans Groot as COO, while adding two new members to its analytics team in the region.

Willis CFO and COO Patrick Regan is leaving the insurance broker to join the world's fifth largest insurance group, Aviva, as CFO.

Canadian combine Fairfax Financial Holdings (FFH) now owns 97 percent of Odyssey Re following the expiration of its cash tender offer for the remaining shares in its affiliated reinsurer.