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January 2010/3

  • Hyperion appoints CEO and COO of Howden Broking Group; Ironshore extends global property offering; Markel launches trade credit division with senior hire; Brit hires AIG execs to boost global markets unit.
  • The economic costs of the summer 2007 floods in the UK were approximately £3.2bn and within a possible range of between £2.5-£3.8bn, according to the UK Environment Agency (UKEA).
  • The London market's process reform agenda will make "big gains" this year as electronic accounting and a more sophisticated electronic claims platform is rolled out, according to the chairman of the International Underwriting Association (IUA).
  • The Bermuda Monetary Authority (BMA) has unveiled its 2010 plan, which focuses on regulatory transparency to meet the looming demands of Solvency II and the aftermath of the 2008 financial crisis.
  • Liability and legal expenses and after-the-event insurers will be among those on the alert after Lord Justice Jackson published his final report on UK civil litigation cost reform last week.
  • The insurance industry was judged the winner following publication of a major report into reforming UK civil litigation costs last week (see story 28).
  • Expansive insurer Torus made its latest move into new lines last week as it announced entry into the US medical malpractice market.
  • It emerged last week that Aon has already paid £36mn ($58mn) to Manchester United as part of the four-year sponsorship deal that begins later this year.
  • Zurich Financial Services Group has overhauled the structure of its European operations by converting most of its national subsidiaries to local branches of its main EU business, Zurich Insurance plc (ZIP).
  • Ireland's low tax environment, business friendly regulation and European Union status is continuing to attract redomiciling (re)insurance businesses, not least from offshore jurisdictions such as Bermuda and the Cayman Islands.
  • Despite historically high capitalisation levels and strong 2009 earnings, the reinsurance industry may be storing up problems for the future, according to a gloomy forecast from Moody's last week.
  • Reinsurers' margins are likely to come under increasing pressure in the next 12 months, rating agency Moody's predicted last week.