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February 2007/1

  • Lloyd's insurer Heritage Underwriting reported a 31 percent increase in its written premium last year.
  • Lawrence Hamermesh, a law professor appointed by the Delaware insurance commissioner to examine whether the state should approve Royal & Sun Alliance’s (R&SA) plans to spin-off its run-off US subsidiary...
  • "Class of 2005" member Lancashire Holdings has reassured investors that it would not be hit by the controversial increase in the Florida Hurricane Catastrophe Fund.
  • Numis Securities has lowered its earnings forecast on the UK-headquartered broker Jardine Lloyd Thompson Group plc and reiterated its sell recommendation on the company's stock.
  • Traditionally, the (re)insurance industry has seen run-off as a solution to its distressed and discontinued books of business.
  • Marsh & McLennan Companies, Inc (MMC) will use part of the $3.9bn proceeds from the sale of asset management arm Putnam Investments for acquisitions, according to president and CEO Michael Cherkasky.
  • London market bodies reported an "electronic processing surge" and claimed that a quarter of all the market’s premium transactions could be handled by the end of February.
  • Converium Holdings' chief executive Inga Beale has continued to re-shape the reinsurer's management with the appointment of Benfield Group’s Jakob Eugster.
  • A US federal judge has ruled that former Gen Re and American International Group (AIG) execs accused of improper finite reinsurance transactions will have to face fraud charges.
  • Reinsurance giant Swiss Re confirmed it has sold its landmark London offices, 30 St Mary Axe, to the property firm IVG Immobilien AG for £600mn under a "sale-and-leaseback" arrangement.
  • US insurer State Farm Fire & Casualty Co has had the $2.5mn jury award of punitive damages it was ordered to pay to a couple in Mississippi for a Katrina claim reduced to $1mn.
  • US reinsurer Transatlantic Re has reported that the absence of significant catastrophe losses drove it to its "most successful year ever" in 2006.
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