September 2007/1

London-based reinsurance broker Cooper Gay Group has bought the reinsurance and terrorism broking teams of CRS Group (London) plc.

Novae Group's medical malpractice underwriting manager, Bill Edrich, has been appointed underwriting director of its insurance company, Novae Insurance Company Limited (NICL).

Sir Anthony Holland has been re-appointed as the Independent Complaints Commissioner for the Financial Services Authority (FSA) for a second term, which begins today (3 September).

Oxygen Holdings plc, the independent London-based intermediary, has acquired Lloyd’s broker Robertson Taylor.

Fairfax Financial Holdings controlled US reinsurer Odyssey Re has reached an out-of-court settlement in its litigation with Gulf Insurance Company, it announced last week.

The 1 October UK solicitors’ professional indemnity (PI) renewals are set to see further rate reductions due to a 17 percent increase in capacity over last year to £350mn, according to broker Marsh.

Fitch Ratings has maintained its Stable rating Outlook on the global reinsurance sector despite “increasingly difficult market conditions”.

Lloyd’s Franchise Performance Board has expressed doubts over the predicted returns for QBE-backed syndicates just one month after the Australian insurer expressed frustration with the market as it refused to recommend an increased bid to buy out Names’ c

Recently-listed European reinsurer Paris Re suffered a drop in profits after exposure to 2007’s catastrophes negatively impacted its bottom line.

New York law firms LeBoeuf, Lamb, Greene & MacRae LLP and Dewey Ballantine announced that they have entered into a definitive agreement to merge, subject to partner approval last week.

Ascot Underwriting Ltd’s Lloyd’s Syndicate 1414 has been downgraded by AM Best after the unconditional guarantee of its liabilities by major capital provider American International Group (AIG) was cancelled.

Stephen Mathers is to retire as active underwriter of Syndicate 807 for the 2009 year of account less than a month after it was announced that Andrew Carrier, the former active underwriter of Kiln’s Lloyd’s Syndicate 557 and the reinsurance division of it