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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.
  • 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.
  • 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.
  • 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.
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