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June 2007/1

  • Lloyd's has finally ended the central fund litigation saga after agreeing a settlement with the contract’s two broking firms, Benfield Group and Aon Ltd, who placed the five-year £500mn contract.
  • Rating agency Standard & Poor’s (S&P) raised the outlook Bermudian reinsurer AXIS Capital Holdings to positive from stable last week.
  • The Financial Services Authority (FSA) has published its final fees and Financial Ombudsman Service levies for UK regulated firms for 2007 and 2008.
  • The trial of the 'Independent Three' – the former directors of the collapsed UK insurer Independent Insurance – began last week at Southwark Crown Court, London.
  • Former Whittington duo Richard Whatton and Stephanie Mocatta have joined insurance services company Independent Services Group (ISG) to target distressed insurance entities for acquisition in Bermuda and the US.
  • Bermuda-based life reinsurance specialist Scottish Re Group is continuing its resurgence after gaining a financial strength upgrade from Fitch Ratings last week.
  • Fast-growing Australian (re)insurer QBE Insurance Group Ltd closed deals to buy US subsidiaries from Hannover Re and AXA totalling almost $2bn last week.
  • Cayman Island-based Greenlight Capital Re Ltd raised around $258mn through the completion of its initial public offering (IPO) and a private placement, it revealed last week.
  • Swiss Re is to sell the UK life operation it acquired as part of its takeover of GE Insurance Solutions (GEIS) in 2006.
  • Shareholders in Alea Group Holdings (Bermuda) Ltd failed to support the increased offer from the US private equity firm Fortress Investment Group (FIN) in a vote on 21 May...
  • Trade body Risk Management Insurance Society (RIMS) has called for mandatory disclosure of all broker remuneration in response to what it sees as broken promises from brokers on the acceptance of placement fees.
  • Mitsui Sumitomo is set to launch the latest aviation start-up in Lloyd's with capacity of up to $200mn and a team of former Wellington Underwriting staff.
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