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February 2008/5

  • The US Court of Appeals has rejected the asbestos settlements reached by US insurer Travelers Cos with policyholders in March 2006.
  • The US Supreme Court has refused to hear an appeal in one of the wind versus water cases spawned by Hurricane Katrina.
  • The Council of Lloyd's has invited chairman Lord Peter Levene to remain at the Corporation for an unprecedented third term.
  • French mutual Groupama SA has completed its preparations for an initial public offering (IPO), which would take place if an opportunity to make a major acquisition should arise, it revealed in its 2007 results.
  • Shares in Canadian conglomerate Fairfax Financial Holdings ended Friday flat despite the firm's record 2007 results with investment income of $1bn driven by credit default swaps (CDS) tied to...
  • Joseph Brown has been re-appointed as chairman and CEO at beleagured monoline bond insurer MBIA Corp.
  • UK general insurer Royal & SunAlliance (R&SA) may update on its plans with its UK legacy exposures while unveiling its 2007 results later this week.
  • Two of the leading enforcers of Marsh's contingent commissions during the heyday of so-called Placement Service Agreements (PSAs) were found guilty last week of taking part in bid-rigging.
  • Start-up Lloyd's Syndicate 2008 has completed its first reinsurance to close (RITC) deal with the closure of the notorious 2001 account on XL Insurance syndicates 861 and 588.
  • After last year's SFr1.2bn write down of credit swaps, analysts have speculated that Swiss Re could face further losses from sub-prime and credit market exposure ahead of the group’s results due out this Friday.
  • Aon Corp has bought Chicago neighbour AJ Gallagher & Co's (AJG) reinsurance arm Gallagher Re - in a move first predicted by The Insurance Insider.
  • US tax authority the Internal Revenue Service (IRS) has withdrawn its proposal to alter tax arrangements for US captive insurers.