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July 2007/4

  • Paris Re shares have slipped by 6 percent since floating on Friday (13 July) with fund managers commenting the company may have been over-priced as it made its debut on the Paris-based European Stock Exchange Euronext.
  • Tawa Group is set to float on London’s Alternative Investment Market (AIM) and become the first non-life run-off consolidator to list in London.
  • In an announcement that will come as good news to early entrants to the Chinese reinsurance market, the China Insurance Regulatory Commission has predicted that demand for reinsurance is expected to reach 100 billion yuan ($13.2bn) by 2010 when total prem
  • Despite little activity to date, the 2007 North Atlantic hurricane season is still expected to see above average activity, with hurricanes forming in the Caribbean and near the Bahamas more likely to make landfall, according to a July update report by rei
  • Creditors of Bryanston Insurance Company Limited are to receive a payment percentage of 59 percent after the scheme administrator, Paul Evans, raised the amount by another 12 percent.
  • UK regulator the Financial Services Authority (FSA) has confirmed Hector Sants as its new chief executive in an internal appointment.
  • Lloyd’s CEO Richard Ward has warned the London market that the “pace of change” on business processes remains too slow and reiterated his willingness to mandate action if necessary.
  • For the second consecutive year, the number and total dollar value of US securities fraud class action lawsuits were well below historical averages.
  • Broking giant Aon Corp has said it is in discussions with Chubb Corp over the possibility of accepting supplemental compensation from the US insurer.
  • The heads of the GCFac team that defected to rival Integro Ltd in April have won a UK Court of Appeal judgment preventing former employer Guy Carpenter from suing them in New York.
  • Integro Ltd CEO Roger Egan has sued former employer Marsh & McLennan Cos Inc (MMC) alleging he was not properly compensated after being axed by the company in the aftermath of the 2004 bid-rigging affair.
  • US insurer Farmers Insurance Exchange has acquired the right to issue $500mn of regulatory capital if it suffers a severe US natural catastrophe loss in the next five years in a pioneering transaction first reported by The Insurance Insider last week.
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