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August 2008/1

  • The relationship between alternative capital markets and reinsurance is maturing, according to Guy Carpenter’s David Priebe, as insurance linked securities (ILS) cement themselves as an “integral part” of major cat buyers’ strategy.
  • The finite reinsurance deal used to inflate American International Group’s (AIG) loss reserves cost the giant $1bn, according to US prosecutors.
  • Guy Carpenter is to target growth in its international facultative reinsurance business in the fall-out of the proposed acquisition of Benfield by Aon.
  • Reinsurance rates are declining in a “controlled glide rather than a crash landing”, according to rating agency AM Best.
  • Hurricane Ike is on target to hit the south-east coast of the US from Miami to the Carolinas around 9 September either as a Category 3 or 4 storm, according to forecasters.
  • Industry veteran Bill Riker - who was due to become a director at Benfield Group Ltd - will not now join the reinsurance broker following its pending acquisition by Aon Corp.
  • Shares in RSA were up by more than 4.5 percent in early trading today as German giant Allianz is linked with a possible takeover bid for the UK insurer.
  • John Charman, chief executive of Bermudian (re)insurer Axis Capital Holdings Ltd has revealed his firm is actively seeking acquisitions and that the industry has fellow Bermudian XL Capital in its sights as a potential takeover target, according to...
  • Industry veterans Rod Fox and Jim Stanard's start-up reinsurance brokerage has formally launched under the new banner of TigerRisk Partners.
  • RSA's UK chief executive Bridget McIntyre is stepping down, to be replaced by current chief operating officer Adrian Brown.
  • Gallagher UK is poised to buy the agency operations of London-headquartered Oxygen Holdings plc, The Insurance Insider can reveal.
  • Hurricane Gustav has been downgraded to tropical storm status after skirting past New Orleans, with insured losses arising mainly from disruption to offshore oil and gas rigs.
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