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Torus confirms Tobin as CEO
Start-up energy specialist insurer Torus Insurance Holdings Ltd has confirmed the appointment of Clive Tobin as the Group's CEO, effective 1 January 2009, as revealed by The Insurance Insider in June.
13 October 2008
Congress slams AIG
A US congressional committee criticised former AIG executives last week during a hearing to examine the regulatory mistakes and financial excesses that led to the $85bn September bailout of the insurance giant.
13 October 2008
R&Q fights fraud allegations in run-off clash
A UK commercial court judge continued to weigh up issues of fraud definition and jurisdiction as both sides in the long-running dispute between Randall and Quilter (R&Q) affiliate Cavell USA and private equity-owned Seaton Insurance Co and Stonewall Insur
13 October 2008
Four cat bonds downgraded to junk status
Ratings agency Standard & Poor's (S&P) has downgraded four cat bonds guaranteed by failed investment bank Lehman Brothers, signalling further contagion of the financial sector crisis in the insurance linked securities (ILS) market.
13 October 2008
AIG borrowing hits $70.3bn, Govt trustees to be appointed
Embattled US insurer American International Group (AIG) has borrowed $70.3bn on loans from the US government in the three weeks since its initial $85bn bail-out, according to reports.
13 October 2008
Investment losses to weigh heavily on Q3 earnings
As the (re)insurance industry gears up to report Q3 financials, earnings are expected to be dominated by deteriorating investment performance and continued catastrophe losses, this time from US hurricanes.
13 October 2008
JLT takes new sales leader from Aon
Jardine Lloyd Thompson has announced that Warren Dann will join its Global Risk Solutions (GRS) division as sales leader on 16 October.
13 October 2008
THB appoints Goldsmith
London and international broker Thompson, Heath & Bond has appointed John Goldsmith, former chairman of the London (re)insurance broker Dennis M. Clayton (now part of Towers Perrin), as non-executive director of the firm.
13 October 2008
Sunny future predicted for weather derivatives
The notional value of the global weather derivatives market has tripled in three years to $32bn for 2007-8 and is expected to see 30 percent annual growth "for the next several years", according to a report from the World Economic Forum (WEF).
13 October 2008
Aon Ltd buys UK niche broker
Aon Ltd, the UK operation of the Chicago-based global broking giant, has agreed a deal to buy niche trade broker Supercover Holdings Ltd, as it continues to snap up specialist firms to boost distribution.
13 October 2008
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