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July 2009/1
  • Hartford sues Arch over Financial Products 'raid'
    The Hartford Financial Services Group has filed a lawsuit against Bermudian Arch Insurance and three former employees, claiming Arch "conducted an unlawful corporate raid" by hiring over 60 managers, underwriters and employees from its New York subsidiary
    06 July 2009
  • Omega deploys excess capital with buyout
    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.
    06 July 2009
  • Airline insurers face 2nd biggest loss year on record
    June looks set to be the costliest month for aviation insurers since September 2001, according to the latest report on the sector from broker Aon.
    06 July 2009
  • Modest values likely to spur further (re)insurance M&A
    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...
    06 July 2009
  • Flagstone enters fray with late swoop for IPC
    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.
    06 July 2009
  • Catlin names new CFO
    Catlin Group replaced departing chief finance officer Chris Stooke last week with Swiss Re's former chief investment officer Benjamin Meuli.
    06 July 2009
  • Everest Re receives approval for EUR200mn Irish subsidiary
    Everest Re Group's newly formed non-life reinsurance subsidiary, Everest Reinsurance Company Ireland Ltd (ERIL), has been given the green light...
    06 July 2009
  • Snowball takes on Australian turnaround challenge
    Former Aviva Group executive Patrick Snowball has been appointed as CEO of struggling Australian financial services group Suncorp-Metway, effective 1 September.
    06 July 2009
  • Cooper Gay moves closer to IPO endgame with appointment
    London-headquartered (re)insurance broker Cooper Gay has edged closer to its desire for a public listing, with news that it has appointed UBS as adviser.
    06 July 2009
  • Catlin leads Italian train crash reinsurance
    Catlin Group is understood to be the leader on the liability reinsurance programme for Italian train operator Ferrovie dello Stato, following a crash in the Tuscan city of Viareggio on 29 June.
    06 July 2009
  • UK non-life sector misses out on Q2 FTSE bounce
    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.
    06 July 2009
  • XL replaces London head
    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...
    06 July 2009
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