September 2009/4

Jeffrey Greenberg’s private equity firm Aquiline Capital Partners has made an undisclosed investment in Rod Fox-headed TigerRisk to support the US reinsurance broker’s continued growth.

The Florida Office of Insurance Regulation and the Bermuda Monetary Authority have signed a Memorandum of Understanding (MOU) committing both parties to work together to share information and co-ordinate regulatory activities.

Richard Ward, the chief executive of Lloyd’s of London, spoke out last week at the long-term damage being done to the insurance market by the UK's uncompetitive corporate tax regime.

(Re)insurer credit default swap (CDS) spreads have continued to narrow through September, reflecting renewed confidence in the sector...

The EU is poised to move from being regulator to supervisor, as the European Commission launches legislation to create a pan-European insurance authority.

Swiss Re has launched a three-year $250mn Mexican wind and earthquake cat bond, as first predicted by The Insurance Insider's sister publication, Trading Risk.

The wide-ranging strategic review being undertaken by Lloyd's will be presented to its ruling body, the Lloyd's Council, at its monthly meeting in February 2010, The Insurance Insider can reveal.

Nick Jones, the former Heritage Syndicate 1200 lead underwriter, is set to be reunited with Jim Hays, The Insurance Insider has learned.

Willis Group's determination to reduce its debt burden encouraged Moody's to revise its outlook on the insurance broker from negative to stable last week.

Bermudian (re)insurer Ironshore's Specialty Casualty unit will now provide up to $25mn in capacity targeted to lead umbrella and excess layers...

Amlin scrums down for three-year European sponsorship deal; Crawford and Kennedys launch latest claims handlers’ fraud guide...

The Organisation for Economic Co-operation and Development (OECD) has criticised the role played by ratings agencies in exacerbating the current global financial crisis and has called for reforms.

The representative body for the international (re)insurance industry in Ireland, the Dublin International Insurance & Management Association (DIMA), claimed its members had seen “another record year” of premium income growth in 2008...

According to Lloyd's director of finance, risk management, and operations, Luke Savage, the outlook for sustaining strong investment returns remains dim for the foreseeable future...

The twin impact of the financial markets turmoil and the recession are clear to see in first half figures for the US property and casualty industry, with both the top and bottom line heavily hit.

Short-tail specialist Cathedral Underwriting has become the latest Lloyd's (re)insurer to rein in its 2010 expansion plans because market conditions are not as buoyant as initially expected.

UK solicitors firms are seeing rate increases of between 10 and 20 percent at the 1 October renewal of their professional indemnity (PI) insurance contracts, according to leading brokers.

The National Association of Insurance Commissioners' (NAIC) Government Relations Leadership Council (GRLC) used its autumn meeting last week to formally approve the Reinsurance Regulatory Modernization Act of 2009 for submission to the US Congress.

The ultimate success of American International Group (AIG)'s efforts to repay the outstanding $120.7bn balance on its $182bn US government bailout package remains uncertain...

Rodd Todd - the senior vice president and property underwriter for Ironshore Insurance - has received Lloyd's approval to start writing an international direct and facultative (D&F) book for the group's Pembroke Lloyd's Syndicate.

The on-off Lloyd's start-up TSM Agencies looks closer to reaching fruition after The Insurance Insider revealed that it has harnessed £10mn of underwriting capital from the Electrical Contractors' Association (ECA).

Canadian combine Fairfax Financial Holdings has begun its previously announced cash buy-out of the minority interests in its affiliated reinsurer Odyssey Re for $65 per share.

PartnerRe shareholders have unanimously approved the company's proposed acquisition of smaller rival Paris Re...

The mighty Lloyd's Central Fund is facing exposure to the $269mn settlements that Willis made with US insurers Assurant and CNA to end litigation relating to their disastrous involvement in the PA LMX spirals of the mid-to-late nineties, The Insurance Ins

The global aviation insurance market is facing a challenging outlook as the historically significant airline renewal milestone of 1 October approaches this week.

Legacy vehicle Tawa plc sees a "great opportunity" in its new relationship with Swiss Re after acquiring the reinsurance giant's P&C legacy business, Pro Group.

Omega Underwriting Agency Ltd has submitted a revised business plan to Lloyd's to increase income on its offshore energy account for the 2010 year.

Lloyd's (re)insurer Kiln is to enter the space market after appointing Laurent Esquirol, former senior space underwriter at Scor, it emerged last week.

QBE appoints head of aviation in France; Clarke to head Amlin Singapore...

The outgoing chief executive of Bowring Marsh, Mark Gregory, is to become CEO of Axis Global's specialty lines division, The Insurance Insider revealed last week.

Lloyd's intends to establish a pilot scheme for claims handling in 2010 that will focus on segmentation, Lloyd's CEO Richard Ward told the inaugural meeting of the London Market Claims Council last week.