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December 2007/4

  • Critical issues surrounding the extension of the Terrorism Risk Insurance Act (TRIA) due to expire on 31 December need urgent attention if a bill is to be effective, according to a leading risk modelling firm.
  • Marsh UK is expected to decide before year end on how it will deal with its embedded legacy burden, the broker has confirmed.
  • Wendy Baker has resigned from her post as president of Lloyd's America to pursue other interests.
  • UK run-off firm Randall & Quilter Investment Holdings (R&Q) will see trading in its shares begin later this week as it completes its initial public offering (IPO) on London Stock Exchange's Alternative Investment Market (AIM).
  • Shares in Benfield Group have continued to slide following the reinsurance broker's profits warning last Monday.
  • Bond investors on Zurich Financial Services' (ZFS) loss-stricken Kamp Re 2005 paid out $29.7mn in losses from the principal amount of the notes on 14 December.
  • Arthur J Gallagher & Co (AJG) has bolstered its presence in the energy markets with the agreement to acquire a 38.5 percent stake in Jamaican-headquartered intermediary CGM Group (CGM).
  • With Kiln plc set to become the sixth Lloyd’s insurer snapped up this year after its board approved a £442.2mn offer from Japan's Tokio Marine & Nichido Fire Insurance Co (TMNF), attention has already turned to who the next target in the sector will be.
  • Questions over Bermudian reinsurer XL Capital's exposure to the sub-prime debacle continue to dog the firm as it mulls a rescue for monoline bond insurer Security Capital Assurance (SCA).
  • Anxious investors are awaiting the release of fourth quarter results from a number of banking groups this week, with concern mounting over the size of sub-prime related losses yet to come to light in the banking system.
  • Aon Corp is selling its US property and casualty arm Combined Insurance Co to ACE Ltd for $2.4bn and has committed to returning all the proceeds to its shareholders.
  • US insurance group American Finance Group Inc (AFG) has bought a majority interest in Lloyd's insurer Marketform Group Ltd, The Insurance Insider can reveal.
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