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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.
  • The new version of the German Insurance Contract Law came into force on 1 January 2008 placing more emphasis on consumer rights and information.
  • 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.
  • US broker Arthur J Gallagher & Co has acquired AVRECO, a managing general agent and wholesale insurance broker based in Chicago from The Park Group.
  • Another equity analyst increased the pressure on reinsurance intermediary Benfield Group's share price by lowering its forecasts and reiterating a SELL recommendation on the company’s stock last week.
  • Insurance specialists Edwards Angell Palmer & Dodge LLP (EAPD) and London-based Kendall Freeman have completed their merger.
  • One of Converium Holding AG's key business partners when it attempted to fend off SCOR SE's early advances in what became a successful takeover has shaken hands with the French reinsurer over a 10-year agreement.
  • US insurer HCC Insurance Holdings Inc has confirmed the launch of a new wholly aligned Lloyd's syndicate to write business on behalf of its latest acquisition, Indiana-based MultiNational Underwriters (MNU).
  • A duo of proposed special purpose syndicates (SPS) to provide quota share reinsurance to Ark Syndicate 4020 and Hiscox Syndicate 33 respectively have gone live for the 2008 year, Insider Week can reveal.
  • Swiss-headquartered reinsurer Glacier Re is poised to launch a London underwriting platform later this year to write insurance business, Insider Week can reveal.
  • The California Earthquake Authority (CEA) has once again returned to the capital markets with a $496mn continuation of the Redwood series of cat bonds.
  • The continuing trend for softening rates in the reinsurance market during the 1 January renewals was underpinned by the lack of catastrophe losses last year, according to reinsurance brokers Guy Carpenter & Co and Willis Re.
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