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  • Guy Carpenter chairman Britt Newhouse is relocating to London as the reinsurance broker looks to bolster the management structure of its European operations, The Insurance Insider can reveal.
  • American International Group (AIG) is speeding up plans to reposition its Asian life insurance operations as an independent company that will include a multi-billion dollar initial public offering (IPO).
  • Lloyd's has censured three members of Ark Syndicate Management's Accident and Health (A&H) underwriting team for "discreditable and detrimental conduct" following their move to Ark from Travelers' Lloyd's platform in 2007.
  • Great American Insurance has asked for a judge to decide the outcome of a $15mn claim from a directors' and officers' (D&O) insurance policy that relates to an ongoing dispute with American International Group...
  • Adrian Fox, the financial institutions (FI) specialist who resigned from Aspen Insurance Holdings in March, has re-emerged at HSBC Insurance Brokers.
  • A second Lehman Brothers-backed catastrophe bond is in default after issuer Ajax Re failed to repay principal at the 8 May redemption date, according to AM Best, which downgraded and withdrew its debt rating on the $100mn earthquake cat bond.
  • With investor calls for peril diversification in insurance-linked securities (ILS), Munich Re's EUR100mn European windstorm and Turkish earthquake cat bond - Ianus - will be seen as a welcome move.
  • Paris Re has given a cautious welcome to price hardening in some of its core short-tail lines of business, but has again struck a notably less excitable tone than many in its global P&C (re)insurance peer group...
  • Insurance giant Allianz saw its net income for the first quarter of 2009 drop by EUR1.12bn to EUR29mn compared to Q1 2008, as write-downs almost doubled to EUR708mn and its property and casualty (P&C) business produced sluggish figures.
  • Lancashire Holdings saw its first quarter revenues fall sharply as it said it was holding back capacity to take advantage of "improving opportunities".