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May election kills UK class action proposals
The UK's City minister, Lord Myners, last week dumped controversial plans for allowing US-style class actions in order to ensure the Financial Services Act 2010 passed into law before next month's general election.
13 April 2010
Grafton sees strong demand in Europe
Audley Gilroy-controlled start-up (re)insurer Grafton is seeing strong demand in Europe, according to sources.
13 April 2010
AIG settles Marsh bid-rigging case
American International Group (AIG) has reached a $9mn out-of-court settlement with the Ohio attorney general over accusations that it colluded with Marsh to create fictitious quotes designed to simulate competitive bidding.
13 April 2010
Former Hartford CEO Ayer gets $40mn ‘golden goodbye’
Ramani Ayer, the former chief executive of Hartford Financial, will receive a $39.9mn lump sum pension payout in May, according to regulatory disclosures.
13 April 2010
Top hedge fund manager warns AIG shareholders will be left with nothing
American International Group (AIG) shareholders are likely to receive nothing after the restructuring of the company is complete, according to US hedge fund heavyweight Steve Eisman.
13 April 2010
Solvency II capital requirements get tougher
The European Union body charged with finalising the terms of Solvency II has confirmed that the solvency requirements in its next quantitative impact study (QIS5) will be even more demanding.
13 April 2010
Beazley to report in US dollars
Lloyd's (re)insurer Beazley Group has announced that it will change its reporting currency from sterling to US dollars from 2010.
13 April 2010
US soft market continues with 4% March fall
Soft market conditions are persisting in the US market, with the latest data from the MarketScout insurance exchange showing composite rates for property and casualty coverage down four percent for March 2010.
13 April 2010
Hurricane forecasters liken 2010 conditions to record 2005 season
William Gray's team at Colorado State University confirmed its December long-range forecast of an above-average year for hurricane activity in the Atlantic basin.
13 April 2010
Perils estimates EUR1.28bn loss from Xynthia
The Perils industry loss collation service has completed its first live cat loss estimate, putting losses from Windstorm Xynthia at EUR1.28bn.
13 April 2010
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