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TWIA reinsurance signed into law
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.
22 June 2009
Good news for Stanford D&O insurers as Fed files charges
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.
19 June 2009
Aon UK CEO to step down; global specialty restructure
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.
18 June 2009
Gen Re's Houldsworth spared prison over finite re scandal
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.
18 June 2009
Willis in talks over Gras Savoye stake sale
Willis Group Holdings confirmed it is in discussions over selling a portion of its interest in privately held French broker Gras Savoye & Cie.
18 June 2009
Obama's call for 'increased national uniformity' attacks the insurance status quo
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.
18 June 2009
Ozizmir latest casualty of Swiss Re cull
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.
18 June 2009
Conning sale to Aquiline takes Swiss Re closer to AA return
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.
17 June 2009
Fitch downgrades Brit on profitability concerns
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+'.
16 June 2009
Bermuda signs tax agreement, gains OECD 'white list' status
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.
15 June 2009
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