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  • Lloyd's has approved Syndicate 2008 to write reinsurance to close (RITC) business, with the Shelbourne Syndicate Services Ltd (SSSL) managed vehicle already closing four open year syndicates with gross insurance reserves of around $455mn.
  • Chaucer's new owner The Hanover is to take catastrophe losses of $145mn-$160mn in the second quarter, more than doubling the US insurer's previous loss tally from tornadoes in April
  • Malaysian carrier Labuan Re has incurred gross losses of $60.5mn from the Thai floods, handing on $27mn of this to retrocessionaires
  • The spate of litigation relating to the Washington Metro train crash in June 2009 that killed nine people and seriously injured a number of others has continued, with the Washington Metropolitan Area Transit Authority (WMATA) now seeking more than $13mn from Lexington.
  • Capita swoops for CMGL; Tawa UK in $285mn acquisition; S&P to launch run-off ratings; European run-off liabilities exceed EUR200bn...
  • A New York court has recognised the jurisdiction of the UK courts in the insolvency of run-off insurer Highlands Insurance Company (UK) Ltd.
  • Canada Life has issued a claim for relief and damages against French reinsurer Caisse Centrale de Reassurance (CCR) alleging that CCR has reneged “on four quota share agreements with Canada Life” and is therefore “irresponsibly and in bad faith underminin
  • Ratings agency Standard & Poor's (S&P) has predicted that New Zealand reinsurance pricing may more than triple at the July renewals after the Christchurch earthquake losses.
  • American International Group (AIG) has confirmed reports that former CEO Martin Sullivan will receive a $47mn severance package after officially stepping down from his post.
  • Texan lawmakers have finally agreed legislation on reforming the Texas Windstorm Insurance Association before a special session of congress expired