As American International Group (AIG) begins to sell its assets, Prudential and Aviva have both been mentioned as companies likely to be showing a strong interest in the auction.
The US Federal Reserve rescued AIG on Tuesday night, lending the group up to $85 billion to prevent a collapse that would have impacted on markets […]

Swiss Re has declared its exposure to struggling US insurance firm American International Group as $178 million (￡100 million), whilst its exposure to the failed Lehman Brothers bank is $45 million (￡25 million).
AIG, the primary insurer of Lehman Brothers, was this week rescued from the verge of bankruptcy by an $85 billion loan from the […]

Lloyds TSB today acquired troubled British rival Halifax Bank of Scotland (HBOS) for ￡12.2 billion.
The all-share takeover is being seen as a bailout rescue for HBOS, Britain’s biggest mortgage provider.
HBOS’s share price fell dramatically this week following numerous crises in banks around the world.
Before rumours of a takeover spread, HBOS’s share price plummeted 52% to […]

As insurance companies take stock after the collapse of Lehman Brothers and the last minute rescue of AIG, estimates of exposures are emerging.
Friends Provident calculates that its exposure to Lehman Brothers is around ￡18 million but the life and pensions provider expects any loss to fall well short of this amount when taxes and recoveries […]

IGI Group, the Nottingham-based specialist general insurer, has acquired legal expenses firm, Complete Claims.
The terms of the transaction have not been disclosed but the move will bolster IGI’s legal expenses book and provide an opportunity for the company to expand its presence in the outsourced claims management sector.
Complete Claims was established in 2001 and […]

International property/casual insurer and reinsurer Catlin Group Limited has announced the appointment of Michael Hansen as Catlin Canada Inc’s president.
He brings to the role more than a quarter of a century of experience in aviation, as both an underwriter and a broker.
For the last six years he has worked for Catlin, previously having been with […]

Insurance broker and risk advisor Marsh has named Julie Page as head of the firm’s UK Commercial Practice.
The Practice caters to the small and medium-sized enterprise (SME) sector within the UK.
She succeeds Chris Wallace, and will be responsible to Marsh UK’s chief operating officer, Ian Clarke.
Page has held a range of senior positions within Marsh […]

Ironshore’s healthcare liability facility, IronHealth, has announced it has appointed Kristen McMahon as chief claims officer.
McMahon leaves behind her position as a partner with law firm Kerns, Frost & Pearlman, where she served as a specialist in representing professional liability insurers and reinsurers in London, Bermuda and the US.
In her new role she will supervise […]