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January 2009/2

  • Lloyd’s (re)insurer Hardy has issued a bullish trading statement about prospects for 2009 whilst informing investors that its full-year 2008 results will be ahead of market expectations, with profit before tax of “at least £22mn”, buoyed by lower Ike esti
  • CV Starr & Co subsidiary Starr Specialty Lines Insurance Agency has formed an alliance with Zurich Financial Services Group’s US subsidiary Zurich North America Commercial (ZNAC) to offer additional capacity on...
  • Bermudian (re)insurer Argo Group International Holdings has launched a casualty and professional risks division headed by former XL executive Nigel Mortimer to sit in its Argo Re operation on the island.
  • Bermudian (re)insurer Arch Capital Group Ltd has become the latest company to add its name to the growing list of those with significantly revised losses from Hurricane Ike, with an increase of $160mn in its net loss estimate. Its previous net loss estima
  • Willis Re has hired 17 specialty casualty reinsurance brokers from RK Carvill & Co, including its senior management, The Insurance Insider understands.
  • Former Swiss Re GB CEO Tim Carroll has been unveiled as the new underwriting director at Lloyd’s (re)insurer Canopius Managing Agents Limited.
  • Ironshore Inc has formed a joint venture with CV Starr & Co to create Iron-Starr Excess Agency Limited, a Bermudian-based specialty lines (re)insurance managing general agency.
  • Former American International Group (AIG) executive Christian Milton was handed down a four-year custodial sentence and given a $200,000 fine for his role in the $500mn finite reinsurance fraud involving AIG and Berkshire Hathaway-owned reinsurer General Re.
  • Lloyd's insurer Novae Group has confirmed that it has approached fellow London firm Chaucer Holdings to open talks over a possible merger.
  • Chaucer - the Lloyd's insurer trying to fund raise in a bid to bolster its balance sheet and take advantage of improving rates - has seen its share price leap 35 percent this afternoon after receiving an "un-solicited indicative proposal".
  • Lloyd’s insurer Chaucer Holdings plc, has confirmed that it is looking to raise additional capital.
  • Swiss Re has led the slide in European insurance stocks today as its share price fell more than 20 percent amid concerns that it is set for a further round of heavy writedowns when it reports its fourth quarter 2008 figures next month.
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