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  • The Association of British Insurers (ABI) has said the cost of the recent UK floods is expected to reach £1bn, double the £500mn estimated by modeller Risk Management Services yesterday.
  • The long-awaited trial of the ‘Independent Three’ – the former directors of the collapsed UK insurer Independent Insurance - is set to start tomorrow (30 May) at Southwark Crown Court, London.
  • If reports are true, Patrick Snowball’s decision to reappear at Towergate is masterful. Snowball was widely thought to have fallen out with his Aviva colleague Andrew Moss
  • Reinsurance spin-off Aspen Re is set to raise around $200mn if its NYSE IPO proceeds to plan next year, according to sources. Aspen Re, which specialises in property and casualty reinsurance in the UK, the US and Bermuda, has been seen as a prime IPO
  • UK general insurer Royal & Sun Alliance (R&SA) had its Standard & Poor’s (S&P) ratings outlook upgraded from negative to stable last week (12 October) as the agency recognised the company’s continued turnaround progress.
  • Paul Kelly, the former merchant banker, has won comfortably the only contested seat in the most controversial Lloyd's Council election for many years. Kelly defeated veteran Names campaigner Lady Rona Delves Broughton after the powerful support of the Ass
  • Following February's article "April deadline looms in Pinault’s California showdown", counsel for Mr Pinault and Artemis S.A. have highlighted inaccuracies which we are pleased to clarify.
  • London-based reinsurance broker Cooper Gay Group has bought the reinsurance and terrorism broking teams of CRS Group (London) plc.
  • Strong growth at subsidiaries Guy Carpenter, Kroll and Mercer pushed Marsh & McLennan Companies Inc (MMC) to book fourth quarter 2006 revenue growth of 9 percent to $3.1bn, as it reported consolidated net income of $226mn for the period.
  • US regulators will interview two of the States’ financial titans as they continue to probe a $500mn transaction between American International Group and Berkshire Hathaway’s General Re which AIG has recently admitted was “improper”. Officers from the