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  • Michael Cherkasky, the president and chief executive of Marsh & McLennan Companies Inc (MMC), has been axed by the firm following continuing criticisms of the group's performance.
  • Michael Cherkasky, the president and chief executive of Marsh & McLennan Companies Inc (MMC), has been axed by the firm following continuing criticisms of the group’s performance.
  • Lloyd's is planning to enter the Brazilian reinsurance market as an admitted carrier following the country's approval of plans to scrap its collateral requirements for higher rated reinsurers.
  • The US House of Representatives has voted to extend the Terrorism Risk Insurance Act (TRIA) for seven years, bowing to Senate lawmakers who passed a similar programme in November.
  • The UK's restrictive tax regime as well as proximity to the US market are key reasons for Lloyd's (re)insurer Hardy Underwriting Group's decision to redomicile to Bermuda, the company explained.
  • Natural disasters cost $61bn in economic damages in 2007, approximately $25bn of which was insured losses, according to research by reinsurance giant Swiss Re.
  • Jardine Lloyd Thompson Group plc (JLT) has become the latest broker to launch an underwriting operation as it looks to develop its revenue streams.
  • Bermudian catastrophe reinsurance specialist IPC Holdings Ltd has seen its reinsurance subsidiaries assigned a negative outlook by AM Best over enterprise risk management (ERM) concerns.
  • Bermudian-headquartered insurance giant ACE Ltd has sought to reassure investors over the potential exposure of its investment portfolio to the sub-prime fallout.
  • Catlin's $225mn Newton Re cat bond has attracted new investors to the sector from outside the traditional investor base - a testament to the growing attractiveness of insurance linked securities (ILS) to the capital markets.