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January 2008/1

  • Recently listed UK run-off firm Randall & Quilter Investment Holdings (R&Q) has appointed ex-Wellington executive John O'Neill as chief operating officer of its UK Insurance Services Division.
  • Fast growing QBE is to expand its US presence after signing an agreement to acquire North Pointe Holdings Corporation for $146mn.
  • The new version of the German Insurance Contract Law came into force on 1 January 2008 placing more emphasis on consumer rights and information.
  • Commercial insurance underwriting agency APC Underwriting has signed a "unique" contract within Lloyd's, which combines property, combined liability, professional indemnity, directors' & offices' (D&O) and legal expenses.
  • The new reinsurance rules introduced in Brazil, which have encouraged Lloyd's to plan an admitted carrier, should boost the region's growth, according to Fitch Ratings.
  • Renewable energy insurer GCube Underwriting Ltd (GCUL) and GCube Underwriting Services Inc (GCUS) has opened for business today (7 January) offering up to $600mn cover per project, for onshore and offshore...
  • Island Heritage Holdings Ltd, the Cayman Islands-based insurer that is controlled by Flagstone Re has appointed Garth Macdonald as CEO.
  • US financial services firm State Street Corp's decision to establish a $618mn fund to cover sub-prime related lawsuits has set alarm bells ringing among directors' and officers' (D&O) insurers offering defence costs coverage.
  • US broker Arthur J Gallagher & Co has acquired AVRECO, a managing general agent and wholesale insurance broker based in Chicago from The Park Group.
  • US insurer Chubb Corp has confirmed it will redomicile its European holding company from Brussels to London, as revealed by The Insurance Insider last year.
  • Bermudian insurer Ironshore Inc has continued to grow its US platform with the acquisition of an excess and surplus lines shell from TIG Insurance Company, a Fairfax Financial Holdings Ltd subsidiary in run-off.
  • Insurance-linked securities pioneer Swiss Re has announced the final pricing of EURIBOR plus 360 basis points on its EUR200mn French windstorm cat bond, issued on behalf of French mutual Groupama SA.
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