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SCA loses $3.1bn Merrill Lynch dispute
Beleaguered bond insurer Security Capital Assurance (SCA) has lost a legal battle with investment banking giant Merrill Lynch & Co over its obligations of up to $3.1bn on credit default swaps (CDS).
11 June 2008
Corver set to become next ARC chairman
Paul Corver has emerged as the most likely candidate to take over from Philip Grant as chairman of ARC, the UK trade body for legacy management professionals, The Insurance Insider has learnt.
09 June 2008
Brazil regulations still a challenge
Regulatory hurdles in Brazil are one of the biggest challenges for risk managers despite the recent deregulation of the country's reinsurance market, according to Willis Energy.
09 June 2008
Weiss sentenced to 30 months
Class action pioneer Mel Weiss has been sentenced to 30 months in prison, after pleading guilty to illegally paying clients to file claims.
09 June 2008
MBIA and Ambac downgraded by S&P
Bond insurers MBIA and Ambac have spoken out after their AAA ratings were downgraded to AA by Standard & Poor's (S&P) and placed under review by Moody's.
09 June 2008
S&P slashes SCA units' ratings to BBB-
Security Capital Assurance (SCA) has been hit by a further blow with the three notch downgrade of its two main operating units from A- to BBB- by Standard & Poors' (S&P) on Friday (6 June).
09 June 2008
Capita chairman McArthur to join R&Q
Run-off veteran Jerry McArthur will join Randall & Quilter Investment Holdings Plc (R&Q) as CEO USA and Bermuda after stepping down as chairman of Capita Commercial Insurance Services (CCIS).
09 June 2008
Marsh recruits Integro energy exec
Energy broker Guy Bessis is moving to Marsh Ltd less than eight months after joining (re)insurance intermediary Integro, The Insurance Insider understands.
09 June 2008
ILS expert Nephila sells stake
Hedge fund giant Man Group has acquired a 25 percent stake in Bermudian investment manager Nephila Capital for $50mn.
09 June 2008
Markel/QBE defrauded for 'secret profits'
Markel International and QBE have won their bond fraud case brought against executives of Surety Guarantee Consultants Ltd (SGC) and a former Templeton Insurance director in the UK High Court.
09 June 2008
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