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January 2011/3

  • A trio of senior professional liability executives have left London market broker Miller to launch a new financial lines division at rival BMS, The Insurance Insider can reveal.
  • Bermudian reinsurer Everest Re has parted company with Tom Jackson, the general manager and chief underwriting officer (CUO) of its London branch office, The Insurance Insider has learned.
  • Munich Re subsidiary launches China JV; Former Chubb CFO Kelso to leave Aspen; Willis appoints Finex analytics head; QBE bolsters trade credit team
  • Two of the most costly failures to ever fall on the Lloyd's Central Fund - GoshawK Syndicate 102 and Alleghany Syndicate 376 - have been finally relinquished.
  • RiverStone has completed its deal to reinsure-to-close (RITC) the open years of Syndicate 376, as first predicted two months ago in The Insurance Insider.
  • London-listed (re)insurer Amlin is one of only two Lime Street managing agents that currently possess a green light under the Lloyd's Solvency II traffic light scheme, The Insurance Insider can reveal.
  • New regulator the European Insurance and Occupational Pensions Authority (Eiopa) has opened for business with a second pan-continental stress test scheduled for the industry next month.
  • Collateralised reinsurance fund manager Catco invested almost 100 percent of its $80.4mn start-up capital at the 1 January renewals, just weeks after launching.
  • Bermuda-headquartered Catlin Group's 2008 cat bond Newton Re 2008-1 has defaulted on its final payment, prompting rating agency AM Best to downgrade and withdraw its ratings on the Class A notes.
  • Shipowners heading for a benign protection and indemnity (P&I) club premium renewal next month will also be looking at reduced excess of loss reinsurance costs for the 2011 policy year.
  • All 13 International Group (IG) protection and indemnity (P&I) clubs have unveiled their 2011 general increase positions, with the average rise of just over 3 percent the lowest for a decade.
  • Cooper Gay Swett & Crawford (CGSC) has signalled that it is to acquire the remaining shares in its partially owned Mexican subsidiary Cooper Gay Martinez del Rio.