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July 2009/1

  • Brit Insurance has hired former XL Capital chief processing officer Malcolm Beane as COO, effective from 21 September
  • Former Aviva Group executive Patrick Snowball has been appointed as CEO of struggling Australian financial services group Suncorp-Metway, effective 1 September.
  • 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.
  • 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
  • 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.
  • 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.
  • The key 1.7 renewal date carried on the trend set at the 1.6 Florida-focused renewal, with reinsurers looking for bumper rate rises left disappointed...
  • Aon moved swiftly to appoint a new CEO of its UK operations, naming Rob Brown to the position.
  • 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...
  • Bermudian reinsurer IPC Holdings has confirmed that James Bryce retired as president and CEO of the firm on 30 June. He is succeeded by John Weale, IPC's CFO, who will serve as president and interim CEO.
  • 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.
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