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January 2007/4
  • Omega launches $30mn offshore energy account
    Bermudian-domiciled (re)insurer is to launch a $30mn offshore energy account for its Lloyd’s Syndicate 958 this year, it announced in a trading statement yesterday (16 January).
    17 January 2007
  • Vaughan succeeds Singer at Tawa
    Run-off company Tawa Management Ltd, part of the Tawa Group, has announced that David Vaughan succeeded Philip Singer as its CEO on 1 January.
    15 January 2007
  • Lloyd’s makes ‘ridiculous’ offer for damaged Picasso
    Casino mogul Steve Wynn has described an offer from Lloyd's insurers to settle his $54mn claim for a damaged Picasso masterpiece as "ridiculous" and taken underwriters to court.
    15 January 2007
  • Numis predicts strong 2007 for Lancashire
    Class of 2005 alumnus Lancashire Holdings Ltd has received a strong endorsement from analysts at stockbroker Numis Securities, who initiated coverage on the (re)insurer with a "BUY" recommendation.
    15 January 2007
  • State Farm hit by $2.5mn in damages from Katrina case
    US insurer State Farm Fire & Casualty Co has been ordered to pay $2.5mn in punitive damages to a couple in Mississippi by a jury.
    15 January 2007
  • Munich Re on track to earn EUR3.2-3.4bn
    German giant Munich Re is on track for 2006 after-tax profits of EUR3.2bn to EUR3.4bn, according to its chairman Nikolaus von Bomhard in an investor conference last week (9 January).
    15 January 2007
  • Swiss Re launches $700mn mortality cat bond Vita III
    Affirming Swiss Re's position as a leading distributor of risk to the capital markets is the Vita Capital III securitisation which saw the reinsurer recently issue $700mn of mortality catastrophe notes.
    15 January 2007
  • Deloitte boosts insurance team
    Mark Adams has joined "big four" accounting firm Deloitte as a partner in the Reorganisation Services practice where he will lead the insurance restructuring team.
    15 January 2007
  • RFIB bolsters Middle East operations
    Lloyd's broker RFIB Group announced the appointment of Bob Naudi as a consultant on 12 January as it continues to bolster its Middle East operations.
    15 January 2007
  • Three-year electronic target for London market
    The Market Reform Group (MRG) has set a target of three years for the London market to electronically handle all risk submissions, claims and accounting and settlement.
    15 January 2007
  • Deloitte settles with Parmalat
    Accounting firm Deloitte has reached a $149mn settlement with Parmalat over lawsuits accusing it of contributing to the dairy company’s 2003 collapse.
    15 January 2007
  • Lloyd’s exec joins expanding Lockton International
    After nine years at the Corporation, Lloyd’s director of Worldwide Markets, Julian James, is returning to the broking industry after announcing he is to join Lockton International.
    15 January 2007
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