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Swiss Re wins dismissal of $1.1bn subprime suit
A US district judge has dismissed an investor lawsuit against reinsurance giant Swiss Re that accused it of being responsible for $1.1bn in losses from derivatives by failing to disclose risks.
05 October 2010
People moves
Crawford marine hire; BMS in Philly; Fineos' London hire...
04 October 2010
Ruxley completes Canadian run-off transfer
Ruxley Ventures, the UK-based specialist insurance investment boutique, has received the go-ahead from the Canadian regulator to transfer a legacy book to German run-off acquirer Global Re, The Insurance Insider can reveal.
04 October 2010
Insurers claim Stanford’s legal fees are ‘grossly inflated’
The London market directors' and officers' (D&O) insurers that placed the coverage for Stanford Financial Group (SFG) and several of its executives are resisting paying a further $3.2mn in legal fees.
04 October 2010
SocGen launches contingent capital offer
French investment bank Société Générale says its new contingent capital facility is a long-term solution rather than a response to insurers preparing for a possible market-turning large catastrophe.
04 October 2010
First 2011 hurricane futures trades
Trading platform IFEX has cleared a $1mn hurricane futures contract for the 2011 season, highlighting early speculation on next year's windstorm activity.
04 October 2010
Aon completes $4.9bn merger with consulting giant Hewitt
Aon Consulting has completed its $4.9bn merger with global consultancy Hewitt Associates, which was first announced in July.
04 October 2010
Hyperion acquires Asian hub with Accette move
3i-backed Hyperion Insurance Group is set to buy a majority stake in Asia's largest independent retail insurance broker, Accette Insurance Group, and will use the business as a base to deliver on its Asian ambitions.
04 October 2010
BMS upbeat despite meagre 2009 profits
London market (re)insurance broker BMS Associates has again struggled to deliver profit amid the soft market, eking out post-tax gains of just £6,000 last year, compared with £200,000 in 2008
04 October 2010
UIB’s profits hold up despite soft market gravity
London-headquartered independent broker UIB's post-tax profits were flat in 2009 at £1.33mn, despite softening rates and a £1.2mn negative foreign exchange swing, company accounts show.
04 October 2010
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