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  • Standard & Poor’s (S&P) has upgraded the insurer financial strength rating of AXA’s core subsidiaries to AA from AA- citing the company’s successful integration of Winterthur.
  • Swiss reinsurer Glacier Re has become the latest carrier to go to the capital markets sponsoring $75mn in notes under a shelf programme providing it with retrocession cover from windstorm and earthquakes.
  • UK regulator, the Financial Services Authority (FSA), has banned David King, the president of the unauthorised insurer CIC, from working in regulated companies for life.
  • Catlin Underwriting Agencies CEO, Paul Jardine has been elected as the new chairman of the Lloyd’s Market Association (LMA) to replace ACE Europe’s CEO and chairman Andrew Kendrick.
  • Dominic Fodera, a former director of failed Australian insurance company HIH, has been jailed for two years for authorising a prospectus with a material omission.
  • Lloyd's insurer Novae has entered the UK property market with the appointment of an ex-Wellington Underwriting team.
  • UK broker COBRA Holdings has announced its intention to seek admission to the AIM stock exchange with a planned £10mn float.
  • BP Marsh & Partners plc, the London-based investor in specialist insurance and other financial services, has revealed a 15.4 percent growth in its net asset value last year.
  • The National Association of Insurance Commissioners said that it will step up its efforts to overhaul reinsurance regulation in the US before addressing the collateral charges faced by alien reinsurers.
  • Converium Holdings has announced that its chief risk officer, Markus Krall, will leave at the end of June citing personal reasons.