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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.
  • UK outsourcing firm Xchanging has extended the groundbreaking enterprise partnership contract with Aon that it first won almost five years ago.
  • Industry veteran Charlie Cantlay, the chairman of Aon Benfield's Global ReSpecialty team and its UK operations, is set to leave the broker after 15 years.
  • American International Group (AIG) paid off its credit facility with the Federal Reserve Bank of New York (FRBNY) last week, taking a significant stride towards independence from the US government in the process.
  • US tort costs decreased by 2.7 percent to $248bn in 2009 but increases are likely in 2010 and beyond, according to the latest study from Towers Watson.
  • Aspen Insurance Holdings has parted company with the head of its US insurance operations, Bill Murray, The Insurance Insider can reveal.
  • UK-quoted Randall & Quilter may have given a clue to the eventual succession of founders Ken Randall and Alan Quilter with the promotion of Tom Booth to an executive director.
  • The ratio for London market premium versus estimated units of exposure for the last five years peaked in 2006, data from a Hiscox company presentation shows.
  • The Lloyd's Franchise Performance Management Directorate has introduced two new realistic disaster scenarios (RDS) to stress test individual syndicates and the market against Gulf of Mexico energy.
  • Lloyd's specialty insurer Marketform has come through an investigation by the Financial Services Authority (FSA) unscathed, The Insurance Insider understands.
  • Seven major motor insurers including RSBI, Zurich and Axa have agreed to restrict the extent they share data with each other, following an UK Office of Fair Trading (OFT) investigation into price fixing.
  • Axis Insurance has continued to strengthen its London property team by hiring the well regarded Alistair Robson from rival Beazley, sister publication Inside FAC revealed last week.
  • Bermuda-headquartered Argo Group has announced a shake-up of its international operations, with Julian Enoizi departing as managing director of its Lloyd's operation.
  • The London Market Group (LMG) has proposed phasing out slip cases by 2017 in a consultation document on the long-term future of Lime Street.
  • Lloyd's sector star Amlin saw its shares fall 8.5 percent on the London Stock Exchange last week as investors reacted badly to the firm doubling its New Zealand loss estimate.
  • Revised loss forecasts from reinsurers Amlin and Argo have taken the growth in reported reinsurance losses from the New Zealand earthquake past the $300mn mark.
  • Two London market brokers have been subject to Section 166 investigations by UK regulator the Financial Services Authority (FSA) in the last year.
  • After 10 months at the helm, Omega CEO Richard Pexton stands to make up to £3mn from shares and options if a deal with Canopius closes, according to analysis from The Insurance Insider.
  • New York-based hedge fund Carlson Capital has acquired significant stakes in recent Lime Street M&A targets Omega and Hardy, according to regulatory filings.
  • Representatives from Omega's leading shareholders - including 29.7 percent owner Invesco - held an official meeting with Canopius on Friday (14 January), The Insurance Insider understands.
  • With Queensland's general insurance market dominated by Suncorp, QBE and Insurance Australia Group (IAG) there are few indications from international (re)insurers on the level of exposure they anticipate from the floods
  • Matt Fairfield, the former founding CEO of HCC Global Financial Products, has chosen the Netherlands as the domicile of his ambitious new global specialty managing general agency (MGA).
  • It is strange the way emotions play a large part in how investors view the global P&C industry.
  • The floods that have devastated Queensland could represent up to three events for the international (re)insurance community, The Insurance Insider understands.