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August 2007/1

  • UK regulator the Financial Services Authority (FSA) has recommended the appointment of policyholder advocates for non-life schemes of arrangement.
  • French reinsurer SCOR has increased its ownership to 96.23 percent of Swiss firm Converium Holdings after the second offer period of its takeover.
  • After a drawn-out process, approval has finally been received for the transfer of the motor books of syndicates 37 and 2037 from Lloyd's to Highway Insurance Company using the Part VII mechanism.
  • Sue Langley, director, Market Operations and North America at Lloyd's has been appointed to the ACORD board.
  • Marsh Inc has appointed Mark Feuer as the new CEO of its US business with responsibility for day-to-day operations.
  • Lloyd's insurer Ascot Underwriting is set to open an office in Houston, Texas as it aims to secure locally placed energy business.
  • The process of extending the federal backstop to terrorism-related losses took an important step forward when the US House Financial Services Committee voted for an additional 15 years instead of 10, last week.
  • The British Insurance Brokers' Association (BIBA) has criticised UK insurers for announcing rate hikes following this summer's floods.
  • Broker Willis Group Holdings reported net income of $78mn, or $0.54 per share, 8 percent up on the prior-year period in what was described as "another strong quarter" for the firm as it announced its interim results last week.
  • Broking giant Aon Corp said it is again mulling the sale of its underwriting business, Combined Insurance Company of America (CICA), as it announced a 9 percent rise in brokerage revenue for the second quarter.
  • The Insurance Insider's pre-Monte Carlo Rendez-Vous executive briefing has drawn together a unique set of speakers to discuss "Trading Risk" – and subscribers are being given priority for this free-to-attend event.
  • Lloyd's Franchise Performance director Rolf Tolle has committed to another two years in the role, ending the recent uncertainty over his future.