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April 2009/3

  • Catlin Group is launching a new Lloyd’s Syndicate and has opened a Guernsey branch office to write term life (re)insurance business.
  • Global broker Aon Risk Services (ARS) has unveiled a powerful real-time global trading platform under the banner of Global Risk Insight Platform (GRIP).
  • As the US property and casualty (P&C) industry converges on Orlando, Florida, for the annual RIMS conference, one of the key themes is the impact the economic crisis is having on the market.
  • The leveraged UK broker consolidator Towergate Partnership has refinanced its long-term banking facilities – a move that it says will enable its strategy of growth through acquisition to continue.
  • Lloyd's insurers may be poised to benefit from a change in the UK government's tax treatment of their equalisation reserves, as the UK budget fast approaches (22 April).
  • The Florida Hurricane Catastrophe Fund (FCHF) has decided not to buy private reinsurance in 2009 or renew the put option it bought from Berkshire Hathaway, The Insurance Insider understands.
  • Bliss & Glennon, a Californian-based wholesale broker inherited by Willis Group as part of its $2.1bn acquisition of Hilb Rogal & Hobbs, was sold by the international broker last week.
  • Ironshore continues AIG harvest with new property executive; QBE finally appoints US CEO; Chubb promotes London; EQECAT appoints new senior VP manager; Willis appoints Sweden CEO; Colemont hires new aviation CEO...
  • April's reinsurance renewals for life and personal accident (PA) reinsurance saw the average rate on line decline by 3.8 percent, and in some cases there were falls of as much as 10 percent.
  • Lloyd’s opens Brazil office; Mitsui Sumitomo branches out to Eastern Europe; Beazley completes acquisition of First State...
  • The value of fraudulent UK insurance claims rose 30 percent to £730mn in 2008, while the number of fraudulent claims rose 17 percent against 2007 to 107,000, according to figures released by the Association of British Insurers (ABI).
  • American International Group (AIG) agreed last week to sell its 21st Century US personal auto business to Zurich Financial Services for $1.9bn, representing the biggest insurance disposal in its asset sale programme so far.
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