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January 2007/5

  • Lloyd's has welcomed news from India that its Finance Minister may open the country further to international investment.
  • The CEO of the UK regulator, the Financial Services Authority (FSA), announced he would be stepping down in July this year in an unexpected announcement on 16 January.
  • Hardy Underwriting could become the next Lloyd’s insurer to re-locate to Bermuda and take advantage of its lower tax rates, according to its CEO.
  • Bermudian-domiciled (re)insurer Omega Insurance Holdings is to launch a $30mn offshore energy account for its Lloyd's Syndicate 958 this year, it announced in a trading statement last week (16 January).
  • It was a case of "no wind, no problem" for reinsurers during the recent renewal season, according to a report published last week by reinsurance broker Benfield Group.
  • UK insurer Royal & Sun Alliance Group plc's (R&SA) attempt to cut itself free from its US run-off business was heard at a public meeting last Friday (19 January).
  • After a weekend of heavy legislating, Florida’s lawmakers have hammered out a bill to provide rate reductions on homeowners’ insurance costs which is likely to have a significant impact on the US property & casualty industry.
  • Swiss Re, the Zurich headquartered reinsurer which is pioneering the industry’s collaboration with the capital markets, has called on the creation of a new index for European natural catastrophes.
  • The Reinsurance Association of America (RAA) has called for comprehensive regulatory reform for reinsurance this year.
  • AXIS Insurance chairman Dennis Reding is to take up the position of chief operating officer at AXIS Capital as the Bermudian firm restructures.
  • The preparatory hearing of the ‘Independent Three’ former directors of the collapsed UK insurer Independent Insurance took place at Southwark Crown Court this morning (22 January).
  • Insured US catastrophe losses were down to $9bn last year, according to figures published by ISO’s Property Claim Services (PCS) on 16 January.