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Latest News From Insider Week 4 July 2009
   
Key Industry News  
 
  Willis in firing line as law firms launch $1bn Stanford class action »»»
  US law firms Strasburger & Price and Castillo Snyder have filed a class action lawsuit in the US Federal Court against Willis Group Holdings, seeking $1bn in damages.

  Hartford sues Arch over 'raid' »»»
  US insurer The Hartford Financial Services Group has filed a lawsuit against Bermudian Arch Insurance and three former employees, claiming Arch "conducted an unlawful corporate raid" by hiring over 60 managers, underwriters and employees from...

  Aon turns to Brown to drive UK performance »»»
  Broking giant Aon moved swiftly to appoint a new CEO of its UK operations, as it named Rob Brown to the position.

  XL Insurance replaces O’Donohoe with Robertson »»»
  XL Insurance – the London-based subsidiary of Bermudian (re)insurer XL Capital – has named Neil Robertson as replacement for the recently departed chief underwriting officer (CUO) of its global specialty business, Dermot O’Donohoe.

  1.7 renewal ‘orderly’ as capacity fears continue to ease; US cat rates up 15% »»»
  Reinsurers looking for bumper rate rises were once again left disappointed at the key 1.7 renewal date as adequate capacity carried over from last month’s Florida focussed renewal.

  Keeling named Guy Carpenter international CEO; McKeown also signed up »»»
  Guy Carpenter has appointed former XL Capital executive Henry Keeling as president and CEO of its international operations.

  Flagstone enters fray with late swoop for IPC »»»
  Swiss-headquartered reinsurer Flagstone Reinsurance Holdings has entered the race to buy in-play Bermudian cat specialist IPC Holdings with an offer for all outstanding shares that beats the current best offer by $4.76 a share.

  Omega builds Lloyd's capacity stake to 35 percent »»»
  Lloyd's and Bermuda (re)insurer Omega Insurance Holdings has received acceptances of approximately £45.7mn of capacity, representing 21.9 percent of the outstanding capacity on its Lloyd's Syndicate 958.

  Lloyd’s finally says goodbye to Equitas »»»
  Equitas, the legacy albatross that has hung around the neck of Lloyd’s Names ever since its creation in 1996, can now be formally detached after the UK High Court approved the transfer to a new company, Equitas Insurance Ltd, yesterday.

  Goldman Sachs partner rewarded for outstanding contribution to Trading Risk »»»
  Goldman Sachs partner Michael J. Millette was heralded as the Outstanding Contributor of the year at the inaugural Trading Risk awards dinner on the 25 June, held in London.
 



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