February 2008/3
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Lloyd's (re)insurer Liberty Syndicates has announced a reshuffle of its underwriting and risk management units in order to "give greater clarity to the business" and to ensure it is "well positioned to meet changing market needs", according to the firm.
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The Caribbean Catastrophe Risk Insurance Facility (CCRIF) is to be expanded for 2008 renewal, doubling available coverage to $100mn per peril.
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Investment banks are the architects of their own downfall through the collapse in the US sub-prime mortgage market, according to Warren Buffett.
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Chaucer Holdings plc will own 100 percent of capacity on Lloyd's Syndicate 4000 after completing a deal to buy out Quanta's interests in Pembroke, the joint venture set up by the companies in 2006 after the Bermudian went into run-off.
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Tony Holt, the respected industry veteran and head of Amlin's underwriting has taken a leave of absence from the Lloyd's insurer because of ill-health.
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Aon Global has appointed Rob Woods as CEO of its London broking teams.
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Bermudian Allied World Assurance Company Holdings (AWAC) posted record 2007 net income of $469.2mn, edging ahead of the $442.8mn booked in the prior year as it reported its first results since buying out founding shareholder American International Group..
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German reinsurance giant Hannover Re has hailed the 1 January renewals a success, despite falling rates.
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The US Securities and Exchange Commission (SEC) plans to turn its sights to the hedge fund community as a target for future investigations into business practices, a spokesman said last week.
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Broking giant Willis Group disappointed analysts after recording weak organic growth despite strong earnings in the fourth quarter.
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Analysts continue to focus on uncertainty surrounding Bermudian giant XL Capital as the troubled (re)insurer reported fourth quarter earnings in line with last month's sub-prime loss fuelled profits warning.
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The eagerly awaited 2007 electronic claims file (ECF) figures at the end of last month revealed that the Lloyd's market had missed the 100 percent year-end target for take-up despite a significant improvement in December.
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