September 2008/4

Swiss Re is backing Galileo Underwriting LLP, a new equine bloodstock underwriting agency based in London, The Insurance Insider can reveal.

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.

Jan-Oliver Thofern, the recently appointed head of Aon Re Germany, will lead the reinsurance broker's combined German operations once Aon Corp’s acquisition of Benfield Group is completed later this year.

Negative trading on major worldwide insurance stocks was halted by global regulators last week in an attempt to stabilise stock markets.

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.

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).

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.

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...

A lawsuit from a US pension fund filed last week against American International Group Inc (AIG) and a number of its directors - including recently deposed CEO Robert Willumstad...

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...

Leading shareholders in beleaguered American International Group Inc (AIG) are set to meet today in a bid to come up with an alternative plan to the $85bn federal government bail-out that would effectively nationalise the US giant.