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August 2009/5

  • Swiss Re has continued shedding non-core assets with the sale of its CyberComp workers' compensation unit to AmTrust Financial Services.
  • Ratings agency AM Best has downgraded the financial strength ratings (FSR) of Tower Hill Preferred Insurance Company - one of Florida's largest writers of residential property insurance.
  • International specialty (re)insurer HCC Insurance Holdings has succeeded in a knock-out bid for the remaining third-party capacity on its £54mn Lloyd's Syndicate 4040.
  • Robust investment returns helped propel recovery-mode Lloyd's insurer Chaucer plc and fellow carrier Hiscox Group to bumper first-half results, while Omega Group followed the pack with broadly unchanged profit after a stable first half.
  • Further evidence of UK regulator the Financial Services Authority (FSA)'s new "get tough" resolve was shown this week, after chairman Lord Adair Turner suggested that the City should be taxed more in order to shrink its size and influence.
  • Lloyd's managing agent Chaucer said it is confident of a continued pipeline of new business for its Lloyd's turnkey operations, following the news that Antares Syndicate 1274 is to fly the nest.
  • Willis Group has named Vic Krauze as president of Willis HRH, its North American retail business.
  • The International Association of Insurance Supervisors (IAIS) said that despite the problems thrown up in the wake of the Lehman Brothers collapse, the insurance-linked securities (ILS) market is likely to keep developing.
  • The former New York superintendent of insurance, Eric Dinallo, has confirmed that he is gearing up for a run at the position of state attorney general.
  • Class of 2005 (re)insurer Ariel Re continued the positive theme for international (re)insurers as it unveiled bumper H1 results this week.
  • A scheme of arrangement for insolvent UK insurer Highlands Insurance Company (HUK) has become effective, resolving a long-standing reinsurance claims dispute between the firm and its parent company...
  • As the reinsurance industry prepares for its annual pilgrimage to Monte Carlo next month, over 300 executives will gather in London to debate and examine market conditions on the eve of the Reinsurance Rendez-Vous.
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