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  • Texas Governor Rick Perry has signed into law a bill (HB 4409) for restructuring the state's windstorm insurance fund, the Texas Windstorm Insurance Association (TWIA), and axing its $1.5bn reinsurance programme.
  • Allen Stanford, CEO of fraud-hit banking and investments group Stanford Financial, has surrendered to the FBI and faces criminal charges in a sealed indictment, according to reports.
  • Aon UK CEO Peter Harmer is set to return to Australia at the end of September at the same time as the global broker embarks upon a strategy for co-ordinating worldwide placements, The Insurance Insider can reveal.
  • John Houldsworth, a former CEO of a General Reinsurance (Gen Re) subsidiary, was handed down two years' probation but was spared a custodial sentence for his role in a $500mn scheme to mislead investors about AIG's financial health.
  • Willis Group Holdings confirmed it is in discussions over selling a portion of its interest in privately held French broker Gras Savoye & Cie.
  • Far-reaching proposals for regulation of the US financial system, unveiled yesterday (17 June) by President Barack Obama, have been given a cautious welcome by US insurance trade bodies anxious to avoid formal federal oversight of the sector.
  • Head of Swiss Re’s capital markets unit, Dan Ozizmir, has become the most high profile casualty of Swiss Re’s ongoing overhaul of its insurance linked securities (ILS) operations, our sister title Trading Risk has revealed.
  • Swiss Re's move to sell its US asset management arm Conning & Co to Jeff Greenberg-run private equity firm Aquiline Capital Partners LLC will help increase its capital buffer as it refocuses on its core business and pushes for a return to an AA rating.
  • Ratings agency Fitch has downgraded its Insurer Financial Strength ratings for Brit Insurance Holdings' principle insurance subsidiary, Brit Insurance Limited (BIL), to 'A' from 'A+'.
  • Bermuda's deputy premier, Paula Cox, has succeeded in removing Bermuda from a list of tax havens drawn up in April by the Organisation for Economic Cooperation and Development by signing a Tax Information Exchange Agreement with the Netherlands.