AIG bid-rigging settlement

AIG has settled with the Pennsylvania Insurance Department for $13.5m over bid-rigging and false financial information allegations. The payments relate to the department's investigation into financial misreporting involving AIG’s alleged false reinsurance deal with General Re Corp.

K-nect system launched

Kaupthing Singer & Friedlander Premium Finance has launched a new trading system, called K-nect.

CCV buys Berkeley Alexander

Cullum Capital Ventures (CCV) has announced its latest acquisition – the purchase of Sussex-based Berkeley Alexander. Berkeley Alexander controls gross written premiums of over £10m and specialises in the wholesale of general insurance products to the mortgage broker and IFA sectors through a base of 6,500 agents across the UK.

Oval wins court pay-out

Oval has been granted a substantial six-figure pay-out following its successful court proceedings against Leicester broker Berkeley Burke, as revealed by Insurance Times in February. In a statement Oval said four former employees joined Berkeley Burke from Oval’s Luton office, taking with them a number of Oval’s clients with without consent.