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  • Ratings agency Standard & Poor's (S&P) has warned of soaring European corporate defaults in 2009 as the financial services sector heads for a sombre year.
  • UK quoted Jardine Lloyd Thompson (JLT) has announced the launch of a new treaty reinsurance operation in Bermuda through JLT Re, its trading division.
  • Former CEO of General Re Ronald Ferguson was sentenced to a two year custodial sentence for his role in the $500mn finite reinsurance fraud involving the Berkshire Hathaway owned reinsurer and American International Group (AIG).
  • A Financial Services Authority (FSA) decision not to mandate broker commission disclosure in the UK wholesale market has been met by a polarised reaction from trade associations representing UK brokers and large buyers of insurance.
  • Libero Ventures, the capital markets convergence firm formed in late 2007, has acquired the shareholding previously owned by Lehman Brothers from PricewaterhouseCoopers, the administrators of the failed investment bank's European operations.
  • Munich Re’s Lloyd’s operation Beaufort Underwriting Agency Ltd has received approval for its new, wholly-aligned syndicate to begin underwriting for the 2009 year of account, as predicted by The Insurance Insider in September.
  • Class action law firm Milberg LLP - long the scourge of D&O insurers - has wasted little time in marking out the ground for what looks set to be a morass of litigation following the alleged $50bn fraud by Wall Street trader Bernard Madoff.
  • Jamaica-headquartered insurer Sagicor Group's Lloyd's arm intends to re-start writing life business next year through Syndicate 44, The Insurance Insider can reveal.
  • European (re)insurance trade body CEA has outlined its opposition to proposals to changes in US tax law in a letter to the US Senate Finance Committee and the Committee on Ways and Means for the US House of Representatives.
  • French-headquartered reinsurer SCOR has been granted a Takaful reinsurance licence and a conventional reinsurance licence for its SCOR Global Life branch on the Malaysian offshore domicile of Labuan.