April 2010/5
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International lawyers have moved to ease insurance industry concerns over President Barack Obama bolstering US treasury powers to aid the fight against piracy off Somalia.
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A UK judge's ruling on the preliminary issues in a passenger aviation claim could have far-reaching ramifications for insurers, after it was decided that the Montreal Convention may not provide an exclusive remedy in awarding compensation for air disaster victims.
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AJ Gallagher has delivered better-than-expected first quarter results amid tough conditions for brokers, with its bottom line boosted by growing supplemental and contingent commissions.
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Senior figures in the London insurance community have criticised an International Monetary Fund (IMF) proposal to include (re)insurers in a global banking levy.
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Aerospace insurance premiums are set to continue their decline in 2010, marking the fourth consecutive year of softening, according to Aon's latest aerospace insurance markets outlook report.
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The latest Solvency II proposals are significantly more lenient than the terms recently set out by the Committee of European Insurance and Occupational Pensions Supervisors (Ceiops), according to analysts.
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Connecticut Attorney General Richard Blumenthal has heralded a court victory against a subsidiary of US broker and financial services provider Wells Fargo as a resounding message to insurance brokers to be open and honest with clients.
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Florida-headquartered independent broker Brown & Brown (B&B) has reiterated its commitment to acquire other agencies as it revealed that first quarter revenues declined 4 percent.
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A sluggish first quarter saw total insurance-linked securities (ILS) issuance of $300mn - almost half the levels over the same period last year - according to Aon Benfield Securities.
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As Marsh looks to bed down its acquisition of HSBC Insurance Brokers Ltd (HIBL), it has announced a reorganisation of its UK and Ireland mid-market business that places staff from the acquired broker in key positions.
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The Lloyd's and London market directors' and officers' (D&O) insurers that underwrote the $90mn+ policy for Stanford Financial Group (SFG) executives must pay out defence costs for at least another five months.
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Expansive legacy and services specialist Randall & Quilter (R&Q) unveiled another modest acquisition last week, with a EUR3.2mn deal to take over French reinsurer La Licorne Compagnie de Réassurances.
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North Carolina's state-backed catastrophe insurance plans are to bring a $200mn wind catastrophe bond to market, which will bring the total risk placed into the capital markets in 2010 to $850mn.
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The New York Attorney General has "a devastating case" against Hank Greenberg relating to sham reinsurance transactions entered into by American International Group (AIG) 10 years ago, according to a US judge.
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Resolute Management Services - the firm that manages Lloyd's run-off vehicle Equitas - has moved the majority of Equitas' claims adjusting services to the US.
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The International Air Transport Association (IATA) has estimated that the volcanic ash cloud above Europe has cost airlines more than $1.7bn, describing the revenue loss as "devastating".
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AM Best goes negative on Ariel's ValiantPrivate equity duo secure acquisition of Sedgwick CMS; Pru approved for Hong Kong float and lines up for Singapore...
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Investment bank UBS and accountants Ernst & Young have agreed to pay $250mn to stock and bondholders of HealthSouth, settling a class action over the Alabama hospital rehabilitation chain's massive accounting fraud.
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The US National Association of Professional Insurance Agents (PIA) said last week that it is encouraged by a new Congress bill that makes key reforms to the National Flood Insurance Program (NFIP).
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Zurich Financial Services and Travelers have added an additional $286mn to the property and casualty (industry's Chile earthquake total, with loss estimates of $200mn and $86mn respectively.
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Willis appoints former Irish national debt boss to key risk role;Aon expands actuarial team; QBE appoints first global distribution head; Kingsway names new CEO...
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Swiss Re could sustain net losses close to $1bn from the 27 February Chile earthquake - double the $500mn estimated by the reinsurance giant - according to Keefe, Bruyette and Woods (KBW).
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Italy's biggest insurer, Generali, has ended the long-running speculation surrounding outgoing company chairman Antoine Bernheim by appointing frontrunner Cesare Geronzi as his successor.
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Chartis UK has seen its 2009 combined ratio balloon to 105.8 percent, due to the combined effect of lower ceding commissions and claims arising from the global financial crisis.
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