January 2009/3
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Bermuda-based (re)insurer Arch Capital Group has received approval in principle from the Lloyd;s Franchise Board and UK regulator the Financial Services Authority (FSA) to establish a new managing agent and syndicate at Lloyd’s.
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Beleaguered bank Merrill Lynch has agreed to pay out $475mn and $75mn respectively to settle two class action lawsuits filed against it in relation to its subprime losses.
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Start-up Lloyd’s insurer Ark has shaken up its underwriting management team, with effect from January 2009.
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US active and run-off specialist Citadel Risk Management has acquired “substantially all” of US broker Arthur J Gallagher’s reinsurance run-off portfolio
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Class of 2005 Bermudian (re)insurance group Ariel Holdings wrote less premium than expected and reported a modest decline in shareholders' funds in 2008, according to ratings agency AM Best.
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UK-listed run-off vehicle Tawa plc's share price is now two thirds lower than its 2007 IPO price as financial market turmoil and investor fears...
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US regulators' forum the National Association of Insurance Commissioners (NAIC) is to hold a public hearing next week to gauge public and industry opinion of proposals to provide US life insurers capital relief as turmoil lashes global financial markets.
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BNP Paribas and Deutsche Bank are marketing a $200mn US wind and quake cat bond for French reinsurer SCOR, our sister title Trading Risk revealed on 15 January.
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Troubled global insurer AIG's asset sales have continued with an agreement to offload its financial products division's commodity index business to Swiss banking group UBS for up to $150mn.
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Platinum Underwriters Holdings became the latest (re)insurer to increase its loss estimates from Hurricane Ike as the brutal impact of September's storm continues to escalate.
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Convergence stalwart Hannover Re has successfully completed a EUR100mn embedded value life transaction, proving that the foundering life securitisation market still has a pulse.
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Kuwaiti Islamic reinsurance company Al Fayer Retakaful Insurance's financial strength rating of A- has been put under review with negative implications by ratings agency AM Best.
