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London News Digest
Holt steps down; Brit pulls out of Augsburg Re binder; Jubilee hires new reinsurance director; London Fac moves; Brockbank returns; London 100 speaker calls bottom of crisis
11 November 2008
Cooper Gay hires Benfield aerospace team
Expansive independent (re)insurance broker Cooper Gay & Co has hired a 10-strong aerospace team from Benfield’s London division.
11 November 2008
Guy Carpenter sees 10 percent revenue fall
The sluggish 2008 reinsurance market saw Guy Carpenter’s underlying revenues fall 10 percent at the third quarter from $226mn to $205mn, although the firm’s cost-cutting programme enabled the margin to remain unchanged.
11 November 2008
Cheaper pound may increase Lloyd’s M&A interest
Volatility in the financial markets has led to significant fluctuations in the valuation of Lloyd’s listed vehicles – and potential suitors in the international property casualty (re)insurance industry.
11 November 2008
Lloyd’s appeal stronger than ever
Bermuda’s invasion of Lloyd’s continued unabated as Flagstone Reinsurance Holdings ended its long search for a Lime Street platform with an agreement to buy Marlborough Underwriting Agency Ltd from Berkshire Hathaway.
11 November 2008
Lloyd’s market signals Dubai preference
As Lloyd’s mulls its final decision on where to open regional operations in the Middle East, the market has delivered a clear verdict that it prefers Dubai as the location for the London market outpost to be located.
11 November 2008
AIG buys time with extended bail-out
With doom-mongers beginning to measure American International Group’s (AIG) future in terms of weeks as the inadequacy of its September government bail-out package became obvious, a revamped $150bn rescue looks to have bought...
11 November 2008
Integro cuts headcount by almost a quarter
Integro Ltd has reduced its employee headcount by almost a quarter as new chief executive Peter Garvey implements a cost-cutting drive at the independent insurance broker, The Insurance Insider can reveal.
11 November 2008
AIG close to new $150bn government bail-out deal: reports
American International Group (AIG) and the US government are close to an agreement that would see the current $123bn bail-out of the troubled insurer replaced with a new $150bn programme that includes the buying up of toxic assets, according to reports.
10 November 2008
AIG slumps to $24.47bn Q3 loss; confirms new rescue package
Fallen insurance giant American International Group has unveiled a staggering $24.47bn third quarter net loss on the day it announced a $150bn revamped bail-out package with the US government it says is a “dramatic step forward for AIG and all of its stak
10 November 2008
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