News

The UK Financial Services Authority announced today that a tribunal has upheld its decision prohibiting the former chief executive at a General Reinsurance Group unit from working in financial services.

Two Bermuda insurers continued their fight to acquire IPC Holdings Inc. with a letter from Validus Holdings Ltd. saying the Max Capital Group Ltd. overstated the financial benefit IPC shareholders would receive by accepting its offer.

The G-20 meeting generated a number of proposals that if implemented would have a strong benefit for U.S. insurers, according to officials at an industry trade group.

Less than a month after Max Capital and IPC Re announced their boards had approved a merger deal, Validus Holdings presented the IPC board with a second offer to merge with the property-catastrophe reinsurer valued at $1.68 billion.

In a report last week, the General Accounting Office advised Treasury to withhold $30 billion from American International Group until the company agrees to renegotiate contracts with employees and final counterparties.

Competing U.S. and Bermuda insurance interests have been ramping up lobbying efforts over a proposed tax code change that would impact Bermudian carriers U.S. profits.