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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.
  • US reinsurer Transatlantic Re has reported that the absence of significant catastrophe losses drove it to its "most successful year ever" in 2006.
  • Bermudian reinsurer White Mountains Re said its net written premiums were down for the final quarter of last year, and flat for the year, as improving rates for catastrophe exposed lines off-set falling markets elsewhere.
  • Bermudian ACE Ltd became the latest (re)insurer to benefit from an unexpectedly benign catastrophe environment as it revealed record 2006 operating income of $2.35bn, last week.
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