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July 2009/1

  • A packed courtroom at the UK High Court last week (2 July) heard the final arguments in the three-week trial between Berkshire Hathaway's Equitas and Randall & Quilter (R&Q)-owned Brandywine.
  • Hannover Re CEO Wihelm Zeller retired on 30 June as planned, after over 13 years with the company...
  • Lloyd's and Bermuda (re)insurer Omega Insurance Holdings declared its Names capacity buyback initiative a success last week, after receiving acceptances of approximately £45.7mn of capacity.
  • After a first quarter in which it outperformed the FTSE All Share index total return, the UK non-life insurance sector has failed to pick up on the widespread bounce in the equity markets in Q2.
  • Aon moved swiftly to appoint a new CEO of its UK operations, naming Rob Brown to the position.
  • XL Insurance - the London-based subsidiary of Bermudian (re)insurer XL Capital - has named Neil Robertson as replacement for the recently departed chief underwriting officer (CUO) of its global specialty business...
  • The resurgence of reinsurance as a stable form of capital is seeing Europe's P&C reinsurance giants enter into more transactions with stretched life insurers.
  • Brit Insurance has hired former XL Capital chief processing officer Malcolm Beane as COO, effective from 21 September
  • Swiss-domiciled reinsurer Flagstone Reinsurance Holdings has entered the race to buy in-play Bermudian cat specialist IPC Holdings, with an offer for all outstanding shares that beats the current best offer by $4.76 a share.
  • Guy Swayne, CEO of Flagstone Réassurance Suisse - the Swiss subsidiary of Flagstone Reinsurance Holdings - will return to Bermuda to resume his role as chief underwriting officer for the reinsurer’s international team.
  • PartnerRe's swoop for Paris Re has served as a reminder that while global (re)insurers are trading at below book or net tangible asset values, the temptation for premium-rated peers to turn acquirer for low-priced peers...
  • Former Aviva Group executive Patrick Snowball has been appointed as CEO of struggling Australian financial services group Suncorp-Metway, effective 1 September.