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News in brief
Munich Re slashes stake in Helvetia; ISG launches Lloyd’s Broker; Catlin acquires regional PI and D&O coverholder; $1-a-year Liddy received $80,000 from AIG; NFIP extended again...
19 April 2010
Cat insurers may need 10% more capital under SII, Lloyd’s warns
Lloyd's catastrophe underwriters are likely to be forced to bolster their reserves by between 5 and 10 percent under Solvency II, according to guidance issued to managing agents by the Society.
19 April 2010
Latest Solvency II proposals offer Lloyd’s LoC reprieve
The European Commission's latest Solvency II (SII) implementation proposals look likely to provide some relief to Lloyd's on capital requirements, as the rules on Tier 1 capital are relaxed.
19 April 2010
Colemont placed insurance for Mexico Airbus crash
The London arm of broker Colemont International placed the insurance programme for the Airbus A300 cargo aircraft that crashed on 14 April in Mexico, The Insurance Insider revealed last week.
19 April 2010
Swiss Re counts cost of Pirate cargo loss
Swiss Re is facing a loss related to a major Ugandan power plant construction project that was severely delayed last year by pirates, our sister title Inside FAC revealed last week.
19 April 2010
Securities litigation drops but firms warned not to ‘let guard down’
Securities litigation filings fell 39 percent in the first quarter of 2010 from a year ago with 178 suits filed - compared to the record-breaking 294 suits filed at the height of the credit crisis backlash in Q1 2009.
19 April 2010
Report: Test financial products like new drugs
New financial products should be subjected to the kind of rigorous testing that pharmaceuticals undergo, while financial services companies should be required to run drills with employees that simulate credit crunch-type crises.
19 April 2010
Travelers and St Paul win dismissal of Madoff D&O suit
A lawsuit filed by Madoff-hit Greenwich National Bank and several other investment institutions against US insurer Travelers and its subsidiary, St Paul Mercury Insurance Company, was dismissed last week.
19 April 2010
Australian watchdog blocks NAB’s $12.95bn bid for Axa
In a surprise twist to what looked like a done deal, the Australian watchdog has today (19 April) blocked National Australia Bank (NAB)'s A$14bn ($12.95bn) bid for Axa Asia Pacific Holdings on competition grounds.
19 April 2010
Greenberg seeks dismissal of civil fraud case
Former American International Group (AIG) chief executive Maurice "Hank" Greenberg has asked a US judge to dismiss a 2005 civil fraud lawsuit accusing him of being liable for a sham reinsurance transaction.
19 April 2010
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