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August 2007/3

  • Insurance stocks remain volatile as a result of erratic trading on global financial markets, which saw most major indices plummet.
  • Forecaster Tropical Storm Risk (TSR) has lowered its latest North Atlantic hurricane season prediction from 40 percent above normal activity to 35 percent.
  • Broking giant Marsh is set to resume taking fees from insurers for some of the services it provides customers.
  • Andrew Carrier, the former active underwriter of Kiln’s Lloyd’s Syndicate 557 and the reinsurance division of its Syndicate 510, will join Bermudian firm Peleus Re later this year.
  • Newly-listed Bermudian (re)insurer Validus Holdings’ reported a strong set of inaugural results as a public company last week.
  • The UK’s largest privately-owned insurance group, Towergate Partnership (Towergate) announced a 31 percent increase in gross written premium despite softening market conditions.
  • Bermudian firm White Mountains Re has appointed Dwight Evans, the former head of Arch Worldwide, as executive vice president.
  • Reinsurance broker Guy Carpenter has appointed Rupert Bedford as head of broking for the UK operations of GCFac, the firm's dedicated facultative reinsurance unit
  • The average premium per airline renewal this year has dropped $1mn in comparison with last year, according to a report by Aon Aviation.
  • Berkley Insurance Co, a subsidiary of US (re)insurer WR Berkley, is opening an Australian operation to write casualty facultative and treaty reinsurance.
  • UK Bank HBOS plc has appointed the Aon UK chief operating officer Philip Gore-Randall to join the firm as part of a wider restructuring of its management.
  • Lloyd’s investment vehicle Hampden Underwriting plc (HUP) is planning an August float on the London Stock Exchange’s Alternative Investment Market (AIM) in a bid to raise £15mn.