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January 2008/1

  • 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.
  • 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.
  • 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.
  • 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.
  • 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).
  • 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.
  • 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.
  • 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...