October 2009/4

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.

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.

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.

Amlin-backed dedicated ILS investor Leadenhall Capital Partners has launched two $50mn Irish-based funds.

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.

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.

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.

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

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.