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  • Ace Ltd has sued the US insurance group OneBeacon for allegedly conspiring with eight Ace employees to steal trade secrets from the firm before their "coordinated resignations".
  • American International Group (AIG) has completed the offering of 636.9mn shares of $2.50 common stock, enabling the US Treasury to receive $20.7bn in proceeds
  • Hannover Re has renewed its European wind bond as strong demand for the diversifier caused final pricing on the deal to slip below guidance levels
  • XL Group has appointed former Axis senior executive Chris Dougherty as chief financial officer for its insurance division, replacing Joseph Henry, who moved to Axis a few months ago.
  • A former senior executive at the collapsed Stanford bank has been sentenced to three years in prison for obstructing the US Securities and Exchange Commission (SEC)'s investigation into convicted fraudster Allen Stanford's $7bn Ponzi scheme.
  • Nick Bacon is stepping down as CEO of Marsh's London market wholesale division Bowring Marsh
  • Catastrophe modelling firm RMS predicts that insured wind and surge losses from Hurricane Isaac's landfall on the US Gulf Coast will be between $1bn and $2bn.
  • The Royal Bank of Scotland has confirmed the IPO of its Direct Line unit, in a flotation expected to value the UK personal lines insurer at around £3bn
  • Major UK retail broker the Giles Group has announced the launch of a new London-based wholesale and reinsurance broker
  • Duncan Dale, the head of Amlin London's property and casualty unit, has resigned from the (re)insurer, The Insurance Insider can reveal