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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).
  • 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
  • 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.
  • Bermudian-headquartered insurance giant ACE Ltd has sought to reassure investors over the potential exposure of its investment portfolio to the sub-prime fallout.
  • Catlin's $225mn Newton Re cat bond has attracted new investors to the sector from outside the traditional investor base - a testament to the growing attractiveness of insurance linked securities (ILS) to the capital markets.
  • Renowned reinsurance industry figures Jim Stanard and Rod Fox have teamed up to launch an insurance management firm backed by venture capital.
  • The sub-prime woes of XL Capital Ltd deepened as its shares fell almost 7 percent yesterday to a 52-week low of $49.23 on the New York Stock Exchange after ratings agency Moody's Investor Service placed the Bermudian (re)insurer's ratings on review for po