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R&Q acquires run-off French reinsurer
Expansive legacy and services specialist Randall & Quilter (R&Q) unveiled another modest acquisition last week, with a EUR3.2mn deal to take over French reinsurer La Licorne Compagnie de Réassurances.
26 April 2010
North Carolina cat bond to bring 2010 issuance to $850mn
North Carolina's state-backed catastrophe insurance plans are to bring a $200mn wind catastrophe bond to market, which will bring the total risk placed into the capital markets in 2010 to $850mn.
26 April 2010
Equitas moves to Boston
Resolute Management Services - the firm that manages Lloyd's run-off vehicle Equitas - has moved the majority of Equitas' claims adjusting services to the US.
26 April 2010
Case against Greenberg ‘devastating’
The New York Attorney General has "a devastating case" against Hank Greenberg relating to sham reinsurance transactions entered into by American International Group (AIG) 10 years ago, according to a US judge.
26 April 2010
Volcano unlikely to trigger airline legal action as industry faces $1.7bn losses
The International Air Transport Association (IATA) has estimated that the volcanic ash cloud above Europe has cost airlines more than $1.7bn, describing the revenue loss as "devastating".
26 April 2010
News in brief
AM Best goes negative on Ariel's ValiantPrivate equity duo secure acquisition of Sedgwick CMS; Pru approved for Hong Kong float and lines up for Singapore...
26 April 2010
UBS and E&Y agree to $250mn HealthSouth fraud settlement
Investment bank UBS and accountants Ernst & Young have agreed to pay $250mn to stock and bondholders of HealthSouth, settling a class action over the Alabama hospital rehabilitation chain's massive accounting fraud.
26 April 2010
PIA welcomes flood reform with wind exclusion
The US National Association of Professional Insurance Agents (PIA) said last week that it is encouraged by a new Congress bill that makes key reforms to the National Flood Insurance Program (NFIP).
26 April 2010
People moves
Willis appoints former Irish national debt boss to key risk role;Aon expands actuarial team; QBE appoints first global distribution head; Kingsway names new CEO...
26 April 2010
Travelers and Zurich add $280mn to Chile total
Zurich Financial Services and Travelers have added an additional $286mn to the property and casualty (industry's Chile earthquake total, with loss estimates of $200mn and $86mn respectively.
26 April 2010
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