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July 2008/3

  • Tropical Storm Dolly motion is expected to move into the Gulf of Mexico and head towards the US/Mexico border later in the week, according to the United States National Hurricane Centre.
  • Lloyd's is "better positioned" to weather the current insurance cycle thanks to recent initiatives to shore up capital and limit pressure on the central fund, according to rating agency Moody's.
  • Reinsurance broker Guy Carpenter & Company said there were no surprises as the market continued to soften at the 1/7 renewals.
  • Second quarter US cat losses, which the ISO has revised upwards to $6.03bn, are likely to hit the bottom line of personal as well as commercial lines insurers, according to the latest analysis from Fox-Pitt, Kelton.
  • Xchanging is poised to agree a major outsourcing deal with the expansive (re)insurance broker Cooper Gay & Co Ltd to take on the firm's back office functions, The Insurance Insider revealed last week.
  • State Farm Insurance has blamed the Florida authorities for its decision to seek premium increases of nearly 50 percent across the state for homeowners insurance.
  • UK motor underwriters were buoyed by the news that average premiums increased in the second quarter after reporting falling rates for the first quarter, according to the AA's Insurance Index.
  • Max Capital president of reinsurance and co-founder John Doucette has left the company to "pursue other opportunities".
  • Bermudian-headquartered Scottish Re has seen one of its subsidiaries sink further into junk status last week just days after the embattled reinsurer finally published its full-year results.
  • Everest Re is to set up a representative office in Brazil after it received approval to operate in the newly-deregulated reinsurance sector in May, according to reports.
  • AM Best has left the ratings of Zurich Financial Services (ZFS) unchanged following the acquisition of a 50 percent stake in Spanish bank Banco Sabadell's insurance subsidiaries.
  • Hannover Re received its second ratings boost this year when AM Best upgraded its issue credit rating from A to A+ and affirmed its A financial strength ratings with a positive outlook last week.
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