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July 2007/1

  • Amlin plc remains an attractive investment, despite its shares underperforming the UK non-life sector by 9 percent in the first half of the year, according to Shore Capital's Eamonn Flanagan.
  • It was only recently that a US judge was bemoaning the lack of case law on reinsurance broking commissions and then along comes Benfield Group suing rival Aon Re for $2.4m in damages...
  • Former American International Group (AIG) supremo Maurice "Hank" Greenberg has countersued his former employer for the second time in as many weeks in an attempt to recover profits...
  • Proceeds from Paris Re's forthcoming IPO will be used to reduce its retro spend and strengthen share capital at its Swiss operating subsidiary.
  • Net income after taxes for the US property and casualty insurance industry fell by 5.5 percent to $15.8bn in the first quarter 2007, compared to the same period in 2006...
  • Andrew Goodsell, the former Merrett underwriter, will receive £104mn from the merger of the AA and Saga to create a £6bn motoring and insurance giant.
  • The Association of British Insurers (ABI) has said the cost of the recent UK floods is expected to reach £1bn, double the £500mn estimated by modeller Risk Management Services (RMS) last week.
  • Karel Van Hulle, head of insurance and pensions unit at the European Commission and responsible for the preparation of the Solvency II directive, has said the deadline for implementation of the directive will be pushed back by two years to 2012.
  • Dutch financial services company ING Group announced last week that it has reached an agreement with P&V Verzekeringen to sell its Belgian Broker and Employee Benefits insurance business for EUR750mn.
  • German bank HVB Group said it has completely divested its remaining stake in Munich Re, which was equal to about 2.2 percent of the voting rights.
  • Lloyd's has taken another stride towards an automated market by providing underwriters and brokers the opportunity to use technology to provide support for checking insurance slips.
  • AIM-listed Lloyd's insurer Heritage Underwriting Agency plc has bolstered its ranks with the hire of international general liability underwriter Mark Aaron from ACE.
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