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UK ruling means strike outs unlikely for fraudulent claims
The UK Supreme Court has ruled that UK courts have the power to strike out fraudulent insurance claims for abuse of process but that this remains a "largely theoretical possibility".
27 June 2012
Hardy’s treaty head makes way before CNA deal closure
Hardy Underwriting has parted with David Carson, the head of the property treaty segment whose performance pushed the venerable Lloyd's business towards a sale, The Insurance Insider can reveal
27 June 2012
RKH refinances £30mn debt facility
Independent London market and UK broker RK Harrison Group (RKH) has refinanced its existing debt facility to obtain extra firepower for new acquisitions and ventures
27 June 2012
Global P&C market grows 1.9% in 2011
The global non-life insurance sector is "ready for take-off" in 2012 after its premium base grew 1.9 percent in 2011, according to Swiss Re's latest Sigma study.
27 June 2012
Ace and R&Q settle Brandywine dispute
A protracted David and Goliath battle between global insurer Ace (market cap: $24bn) and run-off acquisition firm Randall & Quilter (R&Q; market cap: £50mn/$80mn) was averted after the firms settled their festering dispute over the so-called Brandywine companies
27 June 2012
Axis ties delay a swift Charman return
When John Charman parted company with Ace in March 2001 he spent just eight months on the sidelines before officially re-entering the market as president and CEO of post-9/11 start-up Axis Specialty after a $1.6bn fund-raise.
27 June 2012
White Mountains to buy AIG run-off subsidiaries
Bermudian (re)insurer White Mountains has agreed to purchase two run-off subsidiaries from AIG in a deal worth $35mn, continuing its recent run of legacy deal making.
27 June 2012
Lonmar team sale pushes broker to 2011 profit
London-based wholesale broker Lonmar Global Risks has posted a profit in 2011 as the £2.3mn proceeds of a transfer of a team of brokers to London rival AJ Gallagher (UK) pushed the firm into the black after a challenging 2010.
26 June 2012
Moody’s cuts ratings on Goldman Sachs insurance operations
Moody's has downgraded the financial strength ratings of Goldman Sachs' expansive insurance operating subsidiaries from A2 to A3 after cutting ratings on the investment banking giant last week.
26 June 2012
Quinn Insurance founder faces jail after contempt ruling
Sean Quinn, the founder of Irish insurer Quinn Insurance, faces a possible prison sentence after being found guilty of contempt of court in Dublin today.
26 June 2012
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