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Aon fined as FSA widens anti-bribery net
The record £5.25mn dished out to broker Aon Ltd earlier this month is part of a wider probe by UK regulator the Financial Services Authority (FSA) into the adequacy of anti-bribery systems and controls at brokers.
13 January 2009
Wallace drafted in at new Sportscover agency
Sportscover has ended its turnkey relationship with Argenta Syndicate Management after receiving approval from Lloyd's and the FSA to launch a new managing agency for its Syndicate 3334.
13 January 2009
Lloyd's Guernsey green light raises island profile
Lloyd's insurers will now be able to write direct general insurance business on Guernsey after the market received a licence from the offshore jurisdiction's regulator.
13 January 2009
Chaucer being read as M&A story
Shares in Lloyd's underwriter Chaucer Holdings recovered sharply over the holiday period as speculation built that it could be the next quoted Lloyd's insurer to be aquired.
13 January 2009
London News Digest
Torus aims for Lloyd's entry; Hardy boosts 2009 capacity; Munich Re launches new Lloyd's syndicate; Papworth to take Aon Benfield Fac team to Miller; Amlin sidecar 'oversubscribed'...
13 January 2009
MMC settles bid rigging probe in nine states
Broking giant Marsh & McLennan Cos (MMC) has reached a $7mn settlement agreement with nine US states, closing a chapter on four years of investigation into an alleged nationwide bid-rigging scheme.
13 January 2009
Lehman cat bonds remain 'vulnerable'
Ratings agency Standard & Poor's (S&P) affirmed its junk ratings on three cat bonds affected by the collapse of Lehman Brothers after their total return swaps were terminated and the scheduled 15 December interest payments were met.
13 January 2009
Cat futures near $500mn threshhold
The nascent catastrophe derivatives markets have now traded more than $440mn of notional volume since their inception in late 2007.
13 January 2009
AIG continues asset disposals with $308mn Canadian life sale
American International Group (AIG) has taken another step in its asset disposal programme with an agreement to sell its Canadian life insurance unit to BMO Financial Group (BMO) for around $308mn.
13 January 2009
IBM wins race for Lloyd's Exchange contract
IBM has won the race for Lloyd's messaging hub contract, fighting off information technology rival ATOS in the final selection process.
13 January 2009
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