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$23bn parked in US reinsurance collateral at end of 2009
Non-US reinsurers had $23bn of letters of credit outstanding as collateral against potential claims in the US at year-end 2009, according to rating agency Moody's.
21 June 2010
Tolle is back with Beazley Furlonge
Former Lloyd's franchise performance director Rolf Tolle is to join the board of Lime Street managing agency Beazley Furlonge - his first appointment since retiring in December.
21 June 2010
Aspen targets UK expansion with Fusion founders
Bermudian Aspen Insurance Holdings is to deliver on plans to expand its UK arm after securing the services of Fusion founders Kevin Pallett and Geoff Crisp to build its presence in the country.
21 June 2010
Kingsway to shed a further unit
Troubled Canadian insurer Kingsway Financial Services (KFS) is to sell its specialist US motor insurer Mendota Insurance Company, as part of its asset disposal programme and a re-focusing on profitable lines of business.
21 June 2010
Liability concerns spell opportunity for London financial lines
The London market has a "huge opportunity" to make itself the market of choice for the liability programmes of major corporates and financial institutions, according to a senior Marsh executive.
21 June 2010
Aon Benfield highlights mega-earthquake hotspots
The Caribbean, the west coast of North America, Chile, Indonesia and Japan are the areas most at risk from mega-earthquakes of magnitude 8+, according to research by Aon Benfield.
21 June 2010
Stanford’s lawyers accused of insurance fraud
The US judge presiding over Allen Stanford's criminal case has ordered that sealed documents alleging that his lawyers engaged in insurance fraud be released to London underwriters embroiled in a separate coverage dispute.
21 June 2010
AJ Gallagher completes June hat trick with US retail acquisition
Expansive broker AJ Gallagher has completed a hat-trick of June purchases with the acquisition of regional US retail insurance broker Bowen, Miclette, Britt & Merry (BMBM) of Arkansas.
21 June 2010
UK premium tax to ‘at least double’
The UK insurance industry will closely monitor tomorrow's emergency budget amid growing expectation that Chancellor of the Exchequer George Osborne will boost government coffers by hiking the rate of insurance premium tax.
21 June 2010
Market cautious on debt-heavy Cooper Gay merger
Following its merger with US wholesaler Swett & Crawford, the new Cooper Gay must surmount a series of obstacles if it is to list - not least a debt-laden balance sheet, according to market sources.
21 June 2010
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