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August 2010/3

  • Chartis is the lead on the $30mn hull cover for a passenger plane that broke in two while landing in Colombia, The Insurance Insider can reveal.
  • Keogh promoted to vice chairman at Ace...
  • The timetable for introducing Solvency II has been called into question as large numbers of staff leave UK regulator the Financial Services Authority (FSA) ahead of its abolition.
  • Concerns are being raised that capacity in the traditional energy market will not be enough to meet future requirements.
  • Reinsurance broker Guy Carpenter has boosted its Bermuda team by signing up ex-Deutsche Bank convergence executive Erik Manning, confirming reports from sister publication Trading Risk that tipped the island as Manning's next destination.
  • Catastrophe bond issues may now reach $4bn-$6bn for 2010 after a bumper second quarter, according to revised forecasts from broker Guy Carpenter.
  • Ace Group is understood to lead the estimated $360mn Saudi Arabian Airlines warehouse loss, which is the largest aviation claim so far this year.
  • The Federal Reserve's latest economic stimulus measures threaten to extend low interest rates and put further pressure on P&Cinsurers' profits, stockbroker Collins Stewart has warned.
  • Expansive agency Dual International has signed up Hiscox to provide up to 25 percent of capacity for its global portfolio.
  • Lloyd's takeover target Brit Insurance has ended its search for a group finance director by hiring former Zurich Financial Services (ZFS) senior executive Scott Egan to replace Matthew Scales.
  • The UK government has recruited Lloyd's chairman Lord Levene of Portsoken to lead a high-level reform unit at the Ministry of Defence (MoD).
  • Ironshore International's Pembroke Syndicate 4000 at Lloyd's is the latest insurer to try and exploit heightened demand for liability cover in the oil and gas sector, as it introduces a wide-ranging professional indemnity product for the industry.