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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.
  • 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.
  • 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.
  • When the reinsurance brokers published their 1/1 renewals analysis last month the general consensus was of flat-to-downward rating pressures outside of US catastrophe-exposed business, so there should have been little surprise when Munich Re...
  • A series of devastating tornadoes ripped through Central Florida last Friday (2 February), killing twenty people and cutting power supplies to more than 40,000 residents.
  • Last week's launch explosion involving an SES New Skies Boeing-built satellite on a Sea Launch platform in the Pacific is likely to cost space insurers $256mn, with potential for further claims to hit the marine market.
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