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August 2009/5

  • 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.
  • 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...
  • While rising claims notifications are increasing pressure on rates across Europe and the Middle East and Africa (EMEA), competition between carriers and abundant capacity are still the main downward drivers for rates in most markets, according to Marsh.
  • Lloyd's (re)insurance broker RFIB has broadened its energy offering with a new office, RFIB Energy Australia, which will be headed by former head of Benfield Corporate Risk’s Perth office, Simon Race.
  • Run-off (re)insurer Alea Group booked a net loss of $44.7mn in the first six months of 2009, compared to the small profit of $819,000 it eked in the first half of 2008.
  • American International Group (AIG)'s new CEO, Robert Benmosche, expressed his readiness to bury the hatchet with former AIG chief executive Maurice "Hank" Greenberg - who was a vocal critic of the beleaguered insurance giant's last CEO, Edward Liddy.