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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.
  • Guy Carpenter has swooped for Chris Klein, the chairman of rival Benfield Group's counterparty risk unit.
  • Swiss Re is involved as counterparty in the first insurance linked securities transaction to reference an existing cat bond as a trigger with the launch of $140mn Fusion 2007 Ltd.
  • SCOR took a further step toward closing its deal for Converium last week after being given the nod by Switzerland's Federal Office of Private Insurance (FOPI) to buy more than 50 percent of the reinsurer's share capital and voting rights.
  • The British Insurance Brokers' Association (BIBA) has criticised the Financial Services Authority's (FSA) long awaited consultation paper proposing amendments to its Insurance Conduct of Business (ICOB) rules.
  • Flagstone Reinsurance Holdings has further bolstered its underwriting operations with a $100mn issue of debt.
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