September 2007/1

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).

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.

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

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).

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

Amlin plc threw down the gauntlet to Lloyd’s based insurers poised to unveil their interim results this week when it posted a 54 percent leap in first half pre-tax profits to £154mn.

Hurricane Felix strengthened to Category Five yesterday (2 September) as it continued on a path for Honduras and Belize.

Groupama UK has shrugged off competition to acquire the privately owned Lark Insurance Broking Group and continue the trend for UK insurers to acquire distribution channels, in a move that was swiftly followed by AXA's swoop for The Davis Group today

Beaufort Underwriting Agency is the latest in a line of Lloyd’s insurers to consider hoisting a “for sale” board, confirming the optimism for continued mergers and acquisitions (M&A) activity in the Society.

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.

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.