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July 2007/5

  • UK-listed broker Jardine Lloyd Thompson (JLT) has expanded its Bermudian operations with the acquisition of Park (Bermuda) Ltd (Park) for up to $11.8mn cash.
  • The Association of Run-Off Companies (ARC) has announced a number of changes to its board adding three new appointments while its deputy chairman, Peter Abbott, has stepped down.
  • A solvent scheme of arrangement for the reinsurance business written through the GLM Pool was sanctioned by the UK High Court in London earlier this month.
  • London market professional risks insurers have continued to suffer falling rates during the second quarter of 2007, with reductions of up to 20 percent in the period for directors and officers (D&O) risks, according to broker Willis.
  • Broking network Unitas Alliance has confirmed the appointment of former Endurance Worldwide Insurance Ltd CEO Mark Boucher as non-executive chairman of its new underwriting agency, as revealed in the July issue of The Insurance Insider.
  • Lloyd's was described as a "perfect fit" by Ariel Re chairman and CEO, Don Kramer, after the Bermudian firm agreed its £193.2mn deal for Atrium Underwriting plc.
  • Although (re)insurers are expected to unveil strong figures as the reporting season begins in earnest this week, analysts will assess the wider impact from high-profile second quarter catastrophe events in the UK and Australia following IPCRe’s...
  • The Consumer Federation of America (CFA) accused US insurer Allstate Corp of excessively raising home and auto insurance rates and using questionable practices to settle claims.
  • Fitch Ratings next-generation stochastic capital model, PRISM, will change the way risk is assessed for (re)insurers, the rating agency has claimed.
  • Shares in Bermudian reinsurer Everest Re Group Ltd slipped after a Bear Stearns analyst downgraded the company on "limited growth opportunities and declining profitability".
  • Bermudian reinsurer IPCRe warned last week that its 2007 profits would be affected by the recent storm and flood events on opposite sides of the globe in the UK and Australia.
  • Loss estimates from the recent earthquakes and typhoon that have hit Japan continue to spread as insurers count the cost.
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