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FSA issues ban following CIC debacle
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.
11 June 2007
R&SA goes east with joint venture
Royal & Sun Alliance Insurance Group plc (R&SA) has entered into an agreement to acquire 50 percent of a company giving it access the fast growing Eastern European and Russian insurance markets.
11 June 2007
Liberty Mutual continues hurricane securitisations
US (re)insurer Liberty Mutual has continued its series of hurricane linked cat bonds with the launch of the $150mn Mystic Re II.
11 June 2007
Paris Re gets A- rating from S&P
Two subsidiaries of Paris Re, the former reinsurance arm of AXA Re, have been assigned an initial rating of A- by Standard & Poor's (S&P).
11 June 2007
US court supports broker in XL commissions dispute
The long-running commissions dispute which saw RK Carvill sue its former client XL Capital and a number of reinsurers was settled at the end of last month when a US court ruled in favour of the reinsurance broker.
11 June 2007
Lloyd’s takes Central Fund hit following settlement
Lloyd's has taken a significant hit on its Central Fund dispute after settling with Benfield Group and Aon Ltd, but will be relieved the long-running dispute is over.
11 June 2007
London News Digest
Ex-Wellington underwriters to head Mitsui aviation; Novae launches into the UK property market; Heritage to add international treaty team; Lloyd’s to raise up to £500mn in debt issue; FSA bans King...
11 June 2007
Run-Off News
The latest from the legacy market
11 June 2007
Fac attack: high-value hires lead to legal battles
Gen Re's action is the latest in a series of legal scraps over fac reinsurance teams reflecting a recent increased interest in the area from brokers and underwriters looking for new growth opportunities in a softening market.
11 June 2007
Towergate model draws suitors
Towergate has very effectively managed its tight-knit relationship with a small panel of insurers, including Royal & Sun Alliance, AXA and Norwich Union, and its control over a vast amount of SME business...
11 June 2007
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