September 2007/5

In a coup last week UK life insurer Prudential poached Tidjane Thiam, head of European operations at rival Aviva, to replace its outgoing finance director Philip Broadley.

Insured losses caused by last week’s Typhoon Wipha, which hit China and brought heavy rain to Shanghai, are not expected to reach $250mn, according to catastrophe modelling firm AIR Worldwide.

Veteran class action lawyer Bill Lerach, who represented Enron investors and other shareholders suing large corporations, faces up to two years jail and will be forced to pay $8mn in fines after pleading guilty...

Lloyd's has recruited a number of key London personnel to help the franchise in its continued bid to push process reform.

Heritage Underwriting Agency Ltd became the latest specialist Lloyd's insurer to publish sparkling interim results with profits climbing by as much as 250 percent to £10.5mn for the first half of the year.

Some of the charges against Independent Insurance's deputy managing director Philip Condon have been dropped this morning (24 September) on the instructions of the trial judge.

Acquisitive private intermediary Towergate has bought a major IT solutions provider, Open International Limited, for £276mn - the largest purchase in the group's 10-year history.

A series of tornadoes struck towns across England this morning (24 September) damaging homes and vehicles.

The House of Representatives approved a Bill on 19 September that would extend the Terrorism Risk Insurance Act (TRIA) for 15 years despite the White House stating it would veto proposals unless amendments are made.

Investment banks Morgan Stanley and Lehman Bros revealed the extent that they have suffered from the sub-prime crisis in the third quarter results last week.

The start-up Lloyd's insurer Ark Syndicate Management will add accident & health to its list of classes next year following its swoop for senior class underwriters at St Paul Travelers Syndicate 5000.

Fresh from completing the acquisition of its London market platform, Bermudian (re)insurance group Ariel Re has acquired an onshore US presence with its purchase of the admitted insurer, Valiant Insurance Co.