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August 2009/3

  • Citigroup analysts expect Swiss Re to have SFr10bn excess capital next year and to repay the Berkshire Hathaway hybrid debt in 2011.
  • Hannover Re is set to use retained earnings to fund an increase in capital of as much as 26 percent to pursue growth opportunities in the second half of the year.
  • Catastrophe bond returns have increased for the sixth consecutive week as a lack of significant windstorms and a glut of unused insurance-linked securities (ILS) capacity push demand for the products to record levels.
  • CNA Financial Corporation has appointed John Hennessy to replace Julian Eniozi as head of its European operations, with a mandate to grow its European distribution.
  • Lost and found cargo ship Arctic Sea is insured for crew-related risks with Russian insurer Ingosstrakh.
  • The British Virgin Islands and Cayman Islands have joined Bermuda in being upgraded to the Organisation for Economic Cooperation and Development's (OECD) white list, after meeting internationally agreed tax standards
  • American International Group (AIG)'s $200mn D&O insurance policy is set to pay a $115mn loss, after it was reported that former chief executive Maurice 'Hank' Greenberg and five other defendants have agreed to settle a shareholder lawsuit.
  • US insurer WR Berkley has launched a new unit to write commercial cover in the US Pacific northwest market.
  • French reinsurer Scor's financial strength has not been affected by the current economic turmoil, said ratings agency Fitch, as it maintained financial strength and debt ratings at A.
  • Lloyd's has received its third rating confirmation in a month.
  • The British Insurance Brokers' Association (BIBA) has said that Mike Slack stepped down from its board at the end of July, after seven years.
  • Aon Global Insurance Managers, a division of Aon Corporation responsible for captive management, has announced a shake-up of its leadership structure by streamlining its existing set-up into three separate hubs.