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April 2009/4

  • Broking giant Willis Group’s French-based affiliate, Gras Savoye & Cie, is reportedly looking at alternative investment solutions over a put option purchased by the former in 1997, which could oblige it to increase its stake in France’s largest broker...
  • Max adds to Lloyd's platform with UW hires; Allied World bags Bermuda team from AIG; Brit recruits LM specialist for new role; RFIB appoints new IT head from Aon Benfield; Senior Marsh exec moves to JLT's Dubai office...
  • Reinsurance Group of America (RGA) saw its first quarter net income drop $8.2mn compared to Q1 2008 to $23.3mn.
  • Former Marsh UK executive Stephen Matanle is returning to the market as head of Thompson Heath & Bond (THB) - which is the Lloyd's broker division of AIM-listed broker THB Group plc - as first revealed by The Insurance Insider.
  • Chubb's income for first quarter 2009 almost halved compared to the same period last year - as net profits fell to $341mn compared to $664mn - after it was hit by losses on alternative investments and impairments totalling $266mn.
  • The Association of British Insurers (ABI) is demanding a complete reassessment of the UK's flood risk, and in particular surface water drainage (SWD), as part of the consultation process for the draft flood and water management bill released by the govern
  • Bermudian reinsurer Platinum Underwriters posted a 19.3 percent year-on-year decline in its first-quarter net income to $84.9mn.
  • IPC Holdings saw Q1 net income plummet from $86.8mn to $8.3mn - as investment losses, European winter storm Klaus and the Australian bushfires combined with higher expenses linked to its proposed Max Capital merger.
  • Directors' and officers' (D&O) commercial rates remain sluggish despite fears of a claims onslaught from the economic crisis, according to a survey by global broker Willis.
  • Alea Group chief executive Mark Cloutier will step down next year, the run-off (re)insurer confirmed last week (24 April).
  • City General - owned by run-off manager Ruxley Ventures and advised by law firm Clyde & Co - has received court approval for a solvent scheme of arrangement to wind down the (re)insurance policies transferred to it in 2007 from the London branch of Genera
  • Brit Insurance has emerged as the favourite candidate to acquire Lloyd's insurer Chaucer Insurance Holdings, after final bids were posted last week.