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December 2007/5

  • The California Earthquake Authority (CEA) has emerged as the latest industry victim of Mainsail II LLC, the ailing structured investment vehicle (SIV).
  • Global law firm Mayer Brown LLP is to merge with the Asian law firm, Johnson Stokes & Master (JSM).
  • The UK's restrictive tax regime as well as proximity to the US market are key reasons for Lloyd's (re)insurer Hardy Underwriting Group's decision to redomicile to Bermuda, the company explained.
  • Lloyd's is planning to enter the Brazilian reinsurance market as an admitted carrier following the country's approval of plans to scrap its collateral requirements for higher rated reinsurers.
  • Natural disasters cost $61bn in economic damages in 2007, approximately $25bn of which was insured losses, according to research by reinsurance giant Swiss Re.
  • The US House of Representatives has voted to extend the Terrorism Risk Insurance Act (TRIA) for seven years, bowing to Senate lawmakers who passed a similar programme in November.
  • Lloyd's published an update to its rolling three-year strategic plan last week, highlighting achievements since its launch at the start of 2006, but warning of soft market challenges, and work required to improve efficiencies in the market's operating env
  • The US property/casualty insurance industry's after tax net income rose 7.1 percent to $49.4bn in the first nine months of 2007, but profitability slipped to 13.1 percent for the period from 13.8 percent in the previous year, as underwriting results deter
  • Jardine Lloyd Thompson Group plc (JLT) has become the latest broker to launch an underwriting operation as it looks to develop its revenue streams.
  • Bermuda's Progressive Labour Party (PLP) emerged victorious in the island nation's general election earlier this week.
  • The cost of the hull damage on the Airbus that crashed into a wall during tests at Toulouse-Blagnac airport in France last month could be as high as $200mn, The Insurance Insider has learnt.
  • UK quoted run-off acquisition firm Tawa plc will now pay a reduced cash sum of $54mn to buy the defunct US reinsurer PXRE Reinsurance Company following a dividend paid out by the company.
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