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December 2009/2

  • Skinner joins Validus board; Malik joins ARS; Kane hires Aon exec
  • Q-Re gains Qatar's first reinsurance licence; Validus cements Singapore presence; Willis shareholders rubber stamp Ireland move
  • Typhoon Melor, which made landfall as a category one storm in Japan during October, has resulted in incurred claims of Yen55bn ($617mn), according to an announcement by the General Insurance Association of Japan last week.
  • Global accountancy firm Ernst & Young has warned that the initial draft of the UK government's proposed one-off windfall tax on bankers' bonuses casts a far wider net over UK financial services firms, including Lloyd's managing agents.
  • There have only been ten holders of Lloyd's silver medals in the market's long history, but last week an 11th recipient was honoured in the form of retiring Lloyd's Franchise Performance Director Rolf Tolle.
  • A Global Index Insurance Facility (GIIF) to enable clearly defined natural catastrophe/weather related insurance cover for the developing world was launched last week by units of the World Bank.
  • US "pay czar" Kenneth Feinberg has capped the annual cash salaries for American International Group (AIG) employees at $500,000 as part of a move on "second tier" executive pay at bailed out corporations.
  • Bermudian Montpelier Re Holdings has launched a London-based managing general agent that will underwrite on behalf of its Lloyd's Syndicate 5151, together with other carriers.
  • A repeat of this year's benign Atlantic hurricane season - the calmest in 12 years - looks unlikely if the long range forecasts are accurate.
  • Lobbyists for European risk managers have lent Brussels broad support for its insurance block exemption requirements (BER) draft, despite concern that some changes could create legal uncertainty.
  • The aviation market has reacted with disappointment to the most important renewal of the year - Air France/KLM - despite indications for underlying rate rises of around 23 percent, sister title Inside FAC revealed last week.
  • Rating agencies and City analysts have taken opposing views over capital restructuring moves at Novae - only days after it hit out at the damage that rating agency models can inflict on nascent insurers.
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