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  • The 21-day time limit in which the three former Independent Insurance Group plc (IIG) executives who received a total of 14 years in jail sentences could lodge an appeal will expire on 13 November.
  • German insurance giant Allianz SE is believed to be purchasing a minority stake in expanding UK broker consolidator Oval Group, continuing the trend for insurers to acquire greater control of distribution networks, according to sources.
  • Beleaguered Bermudian reinsurer PXRE is facing termination charges of up to $60mn on cat bonds and reinsurance contracts if, as expected, it goes into run-off.
  • Bermudian (re)insurer PXRe said on Wednesday (Feb 11, 2004) that its fourth-quarter net income had risen 71 percent from a year earlier, on the back of growth in its core catastrophe and risk excess lines of business.
  • A fourth quarter deficit was inevitable for the Bermudian giant XL Capital after a previously announced pre-tax charge of $694mn, and the operating loss of $2.54 per share was roughly in line with analysts’ expectations (First Call consensus $2.51).
  • Ruxley Ventures, the UK-based specialist insurance investment boutique, has received the go-ahead from the Canadian regulator to transfer a legacy book to German run-off acquirer Global Re, The Insurance Insider can reveal.
  • Arthur J Gallagher & Co is suing start-up broker Edgewood Partners Insurance Center, as well as 24 named individuals, in California after the defection of senior staff.
  • Start-up broking outfit Integro continued its roll-call of new employees this week, announcing the appointment of John Zaffino, John (Jack) Green, and Gregory Sinnott from rival Willis to its New York office.
  • John Doucette has joined Everest Re Group Ltd as executive vice president, after leaving his position at Max Capital earlier this month.
  • Over 2000 policies have been issued from dubious insurer, despite warnings from The Insurance Insider last year, principally for employers’ liability The UK regulator, the Financial Services Authority, (FSA) has warned the industry about CIC - the dub