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Latest News From Insider Week 9 July 2008
   
Key Industry News  
 
  Lloyd’s insurer to hire Travelers’ property team »»»
  Travelers' Lloyd's operation has been hit by the sudden departure of its head of global property Martin Pope, along with a team of underwriters, The Insurance Insider can reveal.

  IAG to withdraw from Lloyd's; sells UK motor units »»»
  Insurance Australia Group (IAG) has announced plans to withdraw its investment from Lloyd's Syndicate Alba and to sell some of its UK-based motor insurance operations.

  Stone Point to launch PE wholesale aggregator »»»
  Stone Point Capital and the former chief executive of Marsh Americas are poised to launch a new vehicle dedicated to funnelling the enormous insurance spend of the private equity industry.

  Another Lloyd's insurer up for sale »»»
  As the M&A winds continue to bluster through EC3, Bermudian-headquartered reinsurer Imagine Group Holdings Ltd's syndicates have emerged as the latest target for international (re)insurers interested in acquiring a Lloyd's platform.

  Q2 cat losses top $6bn »»»
  After record first quarter large-risk losses of over $6bn, (re)insurers have been hit with second quarter catastrophe losses of at least $6.25bn, the worst for 20 years, The Insurance Insider has learnt...

  Key quartet quit Heritage »»»
  Heritage Underwriting Agency plc - bought by Argonaut Group International Holdings earlier this year - has been hit by the sudden departure of a group of senior executives led by Nick Jones, who heads up its...

  Cat reinsurers lose out to berkshire $4bn florida put »»»
  Warren Buffett's Berkshire Hathaway is well known for stepping in to provide capacity for mega catastrophe perils that is either unavailable or too expensive elsewhere.

  Lloyd's M&A continues as outsiders hunt for EC3 platform »»»
  Amid the threat of large losses, the hurricane season is not traditionally seen as a time for non-life M&A activity - especially on Lime Street.

  EC3 stocks get that sinking feeling »»»
  Plummet is often an overused term but it fairly describes the share prices of many of the Lloyd's insurers which are continuing to endure a torrid time on the back of the weakening economic outlook...

  ILS market now open for smaller (re)insurers »»»
  In the latest insurance linked securities (ILS) structuring innovation, Deutsche Bank is marketing a new trigger mechanism, which aims to streamline ILS issuance and open up the market to smaller sponsors, The Insurance Insider can reveal.
 



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