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December 2007/3

  • Closing prices for 2008 US cat windstorm losses leapt nearly 6 percent last Thursday on the derivatives platform Insurance Futures Exchange Services (IFEX) signalling traders think there is a greater chance of a major windstorm loss next year.
  • Lloyd's insurer Heritage Underwriting Agency is looking for a white knight alternative to Ironshore Inc, the $1bn Bermudian-based insurer which is keen to buy the firm.
  • UK run-off firm Randall & Quilter Investment Holdings (R&Q) is looking to raise around £20mn when it lists on the London Stock Exchange's Alternative Investment Market (AIM) later this month.
  • US giant American International Group revealed Friday (7 December) that the sub-prime fallout and credit crisis has cost it $3.75bn in the fourth quarter to date.
  • UK (re)insurer Brit Insurance Holdings plc has invested in Norton Re II, a $118.2mn Bermuda-based sidecar-style vehicle launched to replace the original $107.7mn Norton Re which expires this year.
  • Ratings agency Standard & Poor's (S&P) has lowered its counterparty credit ratings on global financial services firm Marsh & McLennan Cos (MMC) to BBB- from BBB, with a stable outlook.
  • Shares in reinsurance intermediary Benfield Group fell 8 percent to 279p this morning following a profits warning, despite committing to an advanced capital repatriation strategy, before recovering by late afternoon to 298.5p.
  • Shares in bond insurers fell last week after rating agency Moody's Investors Service warned that MBIA Inc is "somewhat likely" to fall short of the capital required to maintain its rating as a result of potential mortgage-related losses.
  • Louis Robles, known as the "King of Torts" has been sentenced to 15 years in jail and ordered to repay $13.5mn stolen from thousands of asbestos victims he represented.
  • US giant American International Group (AIG) has asked a judge to make a summary judgement in its dispute over share ownership with Starr International Company (SICO).
  • John Hurrell has been appointed CEO of the Association of Insurance and Risk Managers (AIRMIC) after a prolonged search following the departure of David Gamble this summer.
  • BMS have captured an agricultural treaty team from rival firm Cooper Gay Intermediaries.
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