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PNC settlement hints at end of long controversy
One of the final strands of litigation remaining from US bank PNC Financial Services Group Inc’s decision to repackage its bad debt via financial reinsurance with American International Group (AIG) was settled last week.
16 April 2007
Beazley increases US capacity
Beazley Group plc has increased the capital of its US admitted insurance company, Beazley Insurance Company by $45mn, bringing its total capitalisation to around $105mn.
16 April 2007
Trial of ex-MMC executives begins
Two former Marsh & McLennan Cos (MMC) executives went on trial in New York last week facing charges relating to a lucrative bid-rigging scheme.
16 April 2007
Business and staff exodus on SCOR takeover, warns Converium
Converium has reeled out key business partners in its public campaign to shareholders as it continues to fend off advances from rival SCOR with a warning that a tie-up could mean the loss of up to $800mn in premium income.
16 April 2007
Has financial lines bottomed out?
Underwriters are divided on whether premiums in the financial institutions market will bottom out this year, according to a survey conducted by Willis.
16 April 2007
Bermuda appoints FSA regulator
The Bermuda Monetary Authority (BMA), the island's financial regulator, has appointed a new chief executive to begin in July, the body said last week.
16 April 2007
Federal cat fund meets government opposition
Charlie Crist, the Florida governor behind far-reaching reform in the state’s hurricane catastrophe fund earlier this year, has run into opposition from the White House over proposals for a federal catastrophe insurance programme.
16 April 2007
AWAC settles with Texas
Bermudian (re)insurer Allied World Assurance Company has made a $2.1mn settlement with the Texas attorney general Greg Abbott over his investigation into bid-rigging by the firm.
16 April 2007
Former Lloyd’s director joins Best
Former Lloyd’s commercial director Roger Sellek is set to join ratings agency AM Best next month to drive its non-US operations, Insider Week can reveal.
16 April 2007
Aon director to join Amlin Bermuda
Amlin Bermuda Ltd has appointed Alun Thomas, a former director of North American Reinsurance in Aon Ltd’s Property division, as an underwriter.
16 April 2007
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