December 2007/5

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.

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.

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 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.

Bermuda's Progressive Labour Party (PLP) emerged victorious in the island nation's general election earlier this week.

Bermudian (re)insurer Allied World Assurance Company Holdings (AWAC) has repurchased 19.4 percent of its common stock from one of the firm's founding shareholders, American International Group Inc (AIG).

The California Earthquake Authority (CEA) has emerged as the latest industry victim of Mainsail II LLC, the ailing structured investment vehicle (SIV).

Renowned reinsurance industry figures Jim Stanard and Rod Fox have teamed up to launch an insurance management firm backed by venture capital.

Michael Cherkasky, the president and chief executive of Marsh & McLennan Companies Inc (MMC), has been axed by the firm following continuing criticisms of the group's performance.

Global law firm Mayer Brown LLP is to merge with the Asian law firm, Johnson Stokes & Master (JSM).

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.