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MetLife preparing $15bn offer for AIG’s Alico
Press reports last week claim that US life giant MetLife is in talks with AIG about a $15bn takeover of the latter's life insurance subsidiary, Alico, in a deal that would dwarf previous post-rescue sell-offs.
26 January 2010
Assurant pays up over accounting irregularities
New York-listed (re)insurer Assurant has paid $3.5mn to settle charges with the Securities and Exchange Commission (SEC) that it inflated its reported income in 2004 using a finite reinsurance scheme.
26 January 2010
Coface says credit crisis is over
Global trade credit insurer Coface has declared an end to the global credit crisis of the last two years, but warned of the high risks that debt, asset and capacity bubbles pose to the recovery.
26 January 2010
Gen Re pays $92mn to close book on finite cases
General Re has agreed to pay $92mn and dissolve a Dublin subsidiary to settle charges brought by the SEC over the part it played in sham finite reinsurance deals with American International Group (AIG) and Prudential Financial.
26 January 2010
London to pilot electronic endorsements in 2010
An enhanced electronic system for placing endorsements will be piloted this year as the London Market Group (LMG) looks to intensify the use of technology in Lime Street.
26 January 2010
Foundation Re III upsizes to $180mn
US primary insurer Hartford Fire Insurance Co's cat bond, Foundation Re III, has almost doubled in size to $180mn in marketing and priced at the low end of expectations, our sister publication Trading Risk revealed last week.
26 January 2010
Spitzer broker charges dropped: reports
Nine erstwhile employees of Marsh and McLennan (MMC) and Zurich Financial Services (ZFS) who pleaded guilty to bid-rigging charges levelled by former New York attorney general Eliot Spitzer had their charges dismissed or downgraded last week...
26 January 2010
JLT raids Aon for financial services team
Expansive UK-listed broker Jardine Lloyd Thompson (JLT) has continued its assault on Aon by hiring a number of senior members from its Financial Services Group (FSG), including group head Mark Wood, The Insurance Insider revealed last week.
26 January 2010
Hiscox: reinsurance rates down 5-7 percent
Hiscox plc saw average rates fall between 5 and 7 percent on its reinsurance book at 1/1, the Bermudian-headquartered (re)insurer said in a brief trading update.
26 January 2010
Record payouts forecast for 2009 US securities lawsuits
Despite received wisdom to the contrary, 2009 could be a year of "record payouts" for securities lawsuits, according to new research that reveals an increase in aggregate claims from $1.2trn in 2008 to $1.3trn.
26 January 2010
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