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July 2008/1
  • XL Capital tumbles 10 percent as $2.5bn capital raise is priced
    Investors and rating agencies were bearish on XL Capital's plans to free itself from the shackles of its bond liabilities by raising $2.5bn in equity and other securities.
    29 July 2008
  • XL to raise capital and commute SCA exposures
    XL Capital has entered into a $1.775bn agreement with Security Capital Assurance (SCA) that commutes its pre-IPO guarantees and reinsurance of the troubled bond insurer.
    29 July 2008
  • Advent shares slide as cat losses bite
    Lloyd's (re)insurer Advent Capital Holdings plc share price fell by over 5 percent in early trading after revealing the extent of the year's heavy catastrophe claims.
    28 July 2008
  • New Beazley Group CEO upbeat despite £45mn profit fall
    Andrew Horton has made his first public appearance as the new Beazley CEO Lloyd's insurer became the first to report its 2008 interims.
    25 July 2008
  • Max Capital buys Lloyd's insurer
    Max Capital Group has become the latest Bermudian (re)insurer to acquire a Lloyd's platform after buying Imagine Group (UK) Ltd.
    25 July 2008
  • Munich Re shares slide 11% on profits warning
    Munich Re shares have fallen more than 11 percent this morning after the company issued a profits warning for the second quarter and full-year 2008 as its investment performance suffers amid capital markets turmoil.
    25 July 2008
  • Beazley posts income down at £45mn
    Beazley Group posted credible half-year results this morning (25 July) as it became the first Lloyd’s insurer to report its 2008 interims.
    25 July 2008
  • Flood damage key indicator for Dolly insured losses
    The erratic pattern of Hurricane Dolly has provoked a debate amongst rival risk modelling firms over the extent of US insured losses after the storm made landfall in Texas yesterday (23 July).
    24 July 2008
  • First step for Amlin in US
    Lloyd's insurer Amlin plc is poised to enter the US market with a representative office in Illinois taking advantage of Lloyd's admitted licence to operate in the state.
    24 July 2008
  • Mixed results for Montpelier and Platinum
    Bermudian reinsurers Montpelier Re Holdings Ltd and Platinum Underwriters Holdings Ltd revealed mixed results for the second quarter as favourable reserve development helped mitigate the impact of softening market conditions on the bottom line.
    23 July 2008
  • Tokio Marine to buy Philadelphia Consolidated in $4.7bn deal
    Japanese insurer Tokio Marine Holdings is set to continue on its expansionary path with a $4.7bn deal to buy non-life insurer Philadelphia Consolidated Holding Corp (PCHC) in what would be the largest US acquisition by a Japanese financial firm.
    23 July 2008
  • Allstate now frontrunner in RBS insurance auction
    US insurer Allstate appears to be emerging as the only serious contender in the auction of Royal Bank of Scotland’s (RBS) insurance operations as Friday’s bid deadline draws close.
    23 July 2008
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