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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.
  • Natural disasters cost $61bn in economic damages in 2007, approximately $25bn of which was insured losses, according to research by reinsurance giant Swiss Re.
  • 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.
  • 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.
  • Global law firm Mayer Brown LLP is to merge with the Asian law firm, Johnson Stokes & Master (JSM).
  • 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 sub-prime woes of Bermudian (re)insurer XL Capital Ltd continue to deepen as ratings agency Moody’s Investors Service placed the firm’s ratings on review for possible downgrade.
  • Bermudian giant ACE Ltd has sought to reassure investors over the potential exposure of its investment portfolio to the sub-prime fallout.