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August 2008/4

  • Receivers of Mainsail II LLC - the ailing structured investment vehicle (SIV) that a number of Lloyd's insurers are exposed to - have entered a restructuring and portfolio sale agreement with Goldman Sachs International (GSI).
  • Troubled Australian insurer Insurance Australia Group Ltd (IAG) has slumped to a A$261mn loss after taking a A$350mn charge in relation to the impairment of its UK assets.
  • Marsh & McLennan Companies Inc (MMC) has appointed Vanessa Wittman as the group's new CFO, ending its search to replace the outgoing Matthew Bartley.
  • Bermudian Argo Group International Holdings has appointed former Guy Carpenter CEO, David Spiller, to take the position of chairman at its recently acquired Lloyd's insurer Heritage Managing Agency plc.
  • Allianz has a 10 percent share of the slip for the Spanair McDonnell Douglas MD-82 that crashed at Madrid airport on Wednesday, claiming 153 lives.
  • Start-up broker Alesco Risk Management Solutions has continued its raid on Aon's energy team with a move for senior producer Bill Farnan.
  • One of the more intriguing elements to Aon's takeover of reinsurance rival Benfield Group is the respective firms' facultative reinsurance operations.
  • Shares in Jardine Lloyd Thompson Group Ltd (JLT) rose today following Aon's swoop for Benfield, in a move that fuelled market speculation over further broker M&A.
  • Ratings agency Moody's Investors Service has affirmed the A3 insurance financial strength (IFS) ratings of Flagstone Reinsurance Ltd and its Flagstone Reassurance Suisse SA following the firm’s move to centralise its operating platform in Switzerland.
  • SCOR has had its Insurer Financial Strength (IFS) rating upgraded a notch to A by Fitch Ratings as the agency said the French reinsurer's past legacies are unlikely to return to haunt it.
  • Soft market conditions may have contributed to a drop-off in new insurers registering in Bermuda, according to the island's regulator.
  • Slow-moving Fay is expected to make a fourth landfall in Florida after becoming just the fourth storm in recorded history to hit the state's peninsula with tropical storm intensity three separate times.
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