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).

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

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.

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

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.

Lloyd’s investment vehicle Hampden Underwriting plc (HUP) is pushing ahead with its floatation on the London Stock Exchange’s Alternative Investment Market (AIM) despite falling to raise the £15mn it planned.

Quoted Lloyd’s insurer Heritage Underwriting Agency can merge its two trading syndicates despite the opposition of members’ agency Hampden Agencies Ltd.

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

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.

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.

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.

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

French reinsurer SCOR has today announced its updated three-year strategy for creating a top 5 global reinsurer following the closing of its $2.8bn Converium Holding AG acquisition.

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.

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

Michael Bright, the former CEO of Independent Insurance, which collapsed in 2001, has told a court how the company was eaten from the inside out by a “black cancer”.

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

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