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January 2009/1
  • Lloyd's (re)insurer increases capacity by 35 percent
    Lloyd’s (re)insurer Hardy Underwriting Bermuda Ltd has increased capacity on its Syndicate 382 from £185mn to £250mn for 2009 in response to the weak UK pound.
    06 January 2009
  • Ironshore continues AIG raid with environmental chiefs
    Bermudian Ironshore has continued its raid on beleaguered insurance giant American International Group (AIG) with the hiring of Joe Boren and John O'Brien to head up its newly formed Environmental Insurance unit.
    06 January 2009
  • Enstar completes $341mn Unionamerica acquisition
    Bermudian run-off acquisitions firm Enstar Group completed its $341.3mn acquisition of Travelers’ UK-based unit Unionamerica Holdings Ltd at the end of December.
    05 January 2009
  • WR Berkley completes Irish move
    Expansive insurer WR Berkley Insurance (Europe), Limited (WRB Europe) has announced that it has completed the acquisition of Irish Professional Risks Ltd, to form WR Berkley Insurance Ireland.
    05 January 2009
  • Lehman cat bonds affirmed, but funds still 'vulnerable'
    Ratings agency Standard & Poor's (S&P) affirmed its junk ratings on three catastrophe bonds affected by the collapse of Lehman brothers after their total return swaps were terminated...
    05 January 2009
  • Harbor Point reels from $117mn hurricane hit
    Harbor Point Re Ltd, the privately owned casualty focused Bermudian reinsurer formed out of Chubb Re in 2005, has had the outlook on its A- financial strength ratings revised to negative from stable by Standard & Poor's...
    05 January 2009
  • AIG to list AIA in Hong Kong; suitors circle for other Asia assets
    Troubled insurance giant American International Group (AIG) intends to merge two units of its major Asian life insurance entity American International Assurance Co Ltd (AIA) and list the restructured company in Hong Kong, according to reports.
    05 January 2009
  • Congress probes SEC Madoff failings
    The US Congress will today (5 January) hold a hearing to investigate how US financial regulator the Securities and Exchange Commission (SEC) failed to prevent the alleged $50bn fraud by Wall Street trader Bernard Madoff...
    05 January 2009
  • Mission liquidation yields additional $121mn
    The liquidated estate of US workers' compensation insurers Mission Insurance Companies yielded a further $121mn for policyholders, bringing the total amount distributed to approximately $1.5bn.
    05 January 2009
  • Starr's Bermudian reinsurer gains A rating
    Bermudian reinsurer Starr Insurance & Reinsurance Ltd (SIRL), a subsidiary of Starr International Company, Inc has been assigned a stable financial strength rating of A by AM Best.
    05 January 2009
  • Asia Capital in Hong Kong expansion
    Singapore-based reinsurer Asia Capital Reinsurance Group received approval last month to open a branch office in Hong Kong as a spearhead to its expansion into the northeast Asia markets.
    05 January 2009
  • US (re)insurers' income plummets by 85 percent
    US property & casualty (P&C) (re)insurers saw net income for the first three quarters of 2008 fall by 85 percent to $7.3bn, with an underwriting loss of $10.9bn, according to a report by rating agency AM Best.
    05 January 2009
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