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April 2007/3

  • Xchanging, the outsourcing firm that runs the London market’s back office, has announced a tie-up with Web Connectivity for its Insurers’ Market Repository (IMR) Gateway service.
  • Lloyd's has announced tie-ups with the outsourcing firm Xchanging and the trading platform RI3K that will enable its new Chinese reinsurance operation to trade electronically.
  • Takaful insurance is the key to increasing insurance awareness in the Gulf Cooperation Council (GCC), capitalising on the positive economic dynamics of the region, according to a report published by Standard & Poor's (S&P).
  • Royal Indemnity, previously the US arm of Royal & Sun Alliance (R&SA), has settled with MBIA Inc, one of the plaintiffs in the Student Finance Corporation litigation.
  • This year's North Atlantic hurricane season will provide a "litmus test" for the (re)insurance industry's ability to adapt, according to Fitch Ratings.
  • Reports published in the last week have again warned the insurance industry to expect increased financial losses as weather-related catastrophes worsen as a result of climate change.
  • Undervalued reinsurance stocks should be a target for investors, despite the common belief that shares in the sector trade down as the hurricane season approaches, according to analysts at investment bank Bear Stearns.
  • Bermudian (re)insurer Max Re Capital Ltd is raising $100mn to repay short-term debt at its subsidiary Max USA Holdings Ltd.
  • Lexington Insurance Company, part of American International Group (AIG), has launched a new Casualty Mid Excess unit in London with capacity of $50mn.
  • Bermudian insurer Aspen has completed its search for a new chief financial officer with the appointment of Richard Houghton.
  • The US property and casualty industry has made significant progress in funding its asbestos liabilities, according to rating agency AM Best.
  • The failed, London-listed (re)insurer Alea Group Holdings Ltd is set to be bought by private equity-backed FIN Acquisition Ltd (FIN) in a £162mn management buy-out.
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