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International News Digest
Guy Carp appoints new Americas chief; Quake to cost Chinese insurers $43mn; Aon receives Saudi approval; EC welcomes subscription market response; Munich Re receives Brazil approval; Swiss Re warns on reserves; Monolines' further losses
30 May 2008
Results mixed for European insurers
Allianz Group's burdensome relationship with subsidiary Dresdner Bank continued with first quarter results hit by a EUR845mn write-down at the banking arm in "difficult market conditions".
30 May 2008
Brit provides capacity for JLT’s new SME facility
Brit Insurance Holdings Plc has signed an agreement with Jardine Lloyd Thompson (JLT) to provide capacity for the broker's new "micro-SME" facility.
30 May 2008
Suncorp Metway scheme will not proceed: sources
The solvent scheme of arrangement for Australian insurer Suncorp Metway Insurance Company is unlikely to proceed after gaining insufficient support.
30 May 2008
Gallagher poised to launch 'boutique' energy unit
Arthur J Gallagher International has welcomed aboard Simon Matson, who was due to join the firm’s new joint venture onshore/offshore "boutique" energy subsidiary on 2 June, The Insurance Insider can reveal.
30 May 2008
Credit markets stabilise but insurers' work just starting
Despite US Treasury Secretary Henry Paulson’s recent comments that "we are seeing signs of progress as capital and credit markets stabilise", the (re)insurance market will "feel the effects for some time to come", according to experts.
30 May 2008
Greenberg could face civil charges over deals
American International Group's (AIG) former chairman and CEO Maurice "Hank" Greenberg could face civil charges after being served a Wells Notice by the US Securities and Exchange Commission (SEC) over his role in two reinsurance transactions.
30 May 2008
Date set for UIB/Marsh trial
The staff-poaching dispute between UIB and Marsh is to be heard before the Commercial Court on 30 June.
30 May 2008
IFEX to margin trade in US hurricane season
Trading risk platform Insurance Futures Exchange Services (IFEX) is to facilitate margin trading during the North Atlantic wind season - in a move that may encourage greater activity on the derivative exchange.
30 May 2008
London market escapes worst; non-US rates also seeing upwards pressure
The London market is reporting lighter sub-prime related claims experience than US insurers, due mainly to its "limited US portfolios", according to senior market sources.
30 May 2008
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