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Guilty reinsurance execs face long jail terms
Five former General Re and American International Group (AIG) executives found guilty for their part in a sham reinsurance transaction could face lengthy sentences, according to reports.
20 August 2008
Energy start-up Alesco lures major Aon producer
Senior producer Bill Farnan has resigned as executive vice president of Aon's US energy subsidiary to join Alesco Risk Management Solutions in a move that is likely to make the sector sit up and take notice of...
20 August 2008
Weakened Fay to make second landfall in Florida
As windstorm Fay prepares to make landfall in Florida again after initially crossing the Florida peninsula some analysts are predicting a stronger impact on its return.
20 August 2008
Alabama insurance regulator joins Swiss Re
Alabama insurance commissioner Walter Bell is to join Swiss Re as chairman of its American division Swiss Re America Holding Corporation.
19 August 2008
Senior Marsh exec to leave broker
The head of Marsh's global industry practices, James Enelow, is to part company with the broker, The Insurance Insider can reveal.
19 August 2008
Wachovia's financial guarantor files for bankruptcy
BluePoint Re Ltd, the Bermuda-based financial guaranty reinsurer owned by US bank Wachovia Corp, has filed for Chapter 15 bankruptcy protection in New York, citing defaults on mortgage-related products.
18 August 2008
Allstate pays $5mn Florida fine; agrees rate cut
US insurer Allstate Corp has agreed to pay Florida regulators a $5mn fine and granted an additional 5.6 percent rate cut to the state's homeowners as part of its settlement with the jurisdiction.
18 August 2008
Acquisitive QBE buys mortgage insurance units
QBE Insurance Group's appetite for growth by M&A continued last week when it snapped up the Australasian business of struggling US mortgage insurer PMI Mortgage Insurance Ltd's for A$1bn.
18 August 2008
S&P maintains stable outlook for Lloyd's syndicates
Ratings agency Standard & Poor's (S&P) has maintained its Stable outlook for Lloyd's syndicates despite the increasingly challenging pricing environment they operate in.
18 August 2008
Cat futures continue to attract
Interbroker-dealer Evolution Markets has launched a new division for trading and structuring catastrophe derivatives following its successful entry into the weather derivatives market.
18 August 2008
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