September 2007/1

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

The head of Standard & Poor’s (S&P) has stepped down just weeks after reports that the European Commission is set to investigate the role of rating agencies in the ongoing sub-prime crisis.

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.

A US bankruptcy judge has approved The Travelers Cos’ settlement of one of its largest asbestos cases for a total of $449mn.

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”.

The leap in gross written premium at French reinsurer SCOR Group following its acquisition of life reinsurer Revios drove a 77 percent increase in net income to EUR181mn during the first half of 2007.

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.

Benfield’s Corporate Risks (BCR) arm headed by former Marsh executive John Lapsley is continuing to drag down profits at the broking group, analysts have warned.

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.

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