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January 2007/4

  • 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).
  • CastlePoint Holdings Ltd, the Bermuda based (re)insurer formed last year by the US investment bank Friedman Billings Ramsey, plans to list on Nasdaq through an initial public offering (IPO).
  • ACE European Group announced a series of changes to its management personnel and structure on 10 January.
  • Accounting firm Deloitte has reached a $149mn settlement with Parmalat over lawsuits accusing it of contributing to the dairy company’s 2003 collapse.
  • Catlin Group Ltd says the integration of Wellington Underwriting has gone well with more business retained than expected and only a small number of unplanned resignations from key staff.
  • 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).
  • Michael Mendelowitz has become the latest partner from Barlow Lyde & Gilbert's (BLG) reinsurance and international risks team to leave the law firm, with the news that he is to head the contentious insurance...
  • 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.
  • 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.
  • ACE Tempest Re Group, part of ACE Limited, announced the establishment of ACE Tempest Re Canada on 8 January.
  • Enterprise Risk Management (ERM) will have a significant impact on cycle management, according to Mike Belfatti of consultancy Tillinghast's North American property/casualty ERM practice.
  • 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.
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