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September 2008/4

  • The global (re)insurance industry has been counting the cost and revealing its total exposure to failed US investment bank Lehman Brothers, which filed for bankruptcy protection on 15 September.
  • Negative trading on major worldwide insurance stocks was halted by global regulators last week in an attempt to stabilise stock markets.
  • Non-life (re)insurance stocks continued to bounce back this morning (22 September) as the mooted US government financial market rescue plans and temporary bans on short selling fuelled further buying of global financials.
  • American International Group (AIG) chief executive Edward Liddy was parachuted into the embattled organisation last week hoping to retain the firm’s core insurance operations.
  • Ratings agencies have continued to be cautious on American International Group Inc's (AIG) prospects despite its $85bn US Government rescue on Tuesday (16 September).
  • The financial markets meltdown - which has led to the rescue of American International Group, the collapse of Lehman Brothers and the effective end to the investment banking industry...
  • After a week of unparalleled upheaval in the financial world, the US Federal Reserve last night effectively signalled the end of the investment bank model as it agreed to convert Morgan Stanley and Goldman Sachs Group...
  • Chris Wallace the head of the commercial client practice at Marsh UK has left the company "to pursue other interests", The Insurance Insider has learned.
  • HSBC Insurance Brokers has become the latest broker to access the emerging Middle East market after gaining a licence for Qatar.
  • Beazley Group has acquired the London-based personal accident underwriting agency Momentum Underwriting Management Ltd (MUM) for up to $37.5mn, the quoted Lloyd's insurer has revealed.
  • Loss estimates from Hurricane Ike have been narrowed by two leading catastrophe modelling firms, as loss adjusters continue to count the cost of the damage.
  • The collapse of Lehman Brothers made its impact felt in the reinsurance convergence markets last week as ratings agency Standard & Poor's (S&P) put tranches of four cat bonds guaranteed by the failed investment bank on negative watch.