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  • Troubled Bermudian giant XL Capital has gone outside the firm to name Michael McGavick as CEO in place of Brian O’Hara.
  • Travelers Syndicate Management Ltd has confirmed the successful closure of the 2000 and prior and 2001 open years of account on its Syndicate 227 into RITC Syndicate Management Ltd's (RSM) Syndicate 5678.
  • Beleaguered life reinsurer Scottish Re had its stock suspended by the New York Stock Exchange (NYSE) last week, and has an application pending with the Securities and Exchange Commission to delist the firm.
  • French reinsurer SCOR will join a host of other foreign reinsurers taking advantage of the newly deregulated Brazilian market, according to news reports.
  • Broker Marsh Inc has appointed Jeremy Cooke to the new position of global head of market relationship management (MRM).
  • The US tax authority the Internal Revenue Service has reiterated its position on the cascading federal excise taxes (FET) that will apply to foreign (re)insurers on when the deal involves an underlying US risk.
  • Berkshire Hathaway Inc has exited its 16.3 percent stake in White Mountains Insurance Group Ltd in a deal that sees the Bermudian insurer pay $751mn in cash and transfer two of its run-off units to the investment giant.
  • Benfield Group CEO Grahame Chilton said he remains confident that the reinsurance market will turn even as the enervating effects of the weak US dollar took its toll on the firm’s 2007 results.
  • Bear Stearns has become the latest casualty in a dramatic escalation of the US sub-prime triggered credit crisis that has led to heavy falls on the European and Asian stock markets today.
  • Arch Capital Group Ltd is to form Gulf Re, a Dubai-based $400mn capitalised reinsurer, in a joint venture with the Gulf Investment Corporation.