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June 2007/3

  • Lloyd's has taken a significant hit on its Central Fund dispute after settling with Benfield Group and Aon Ltd, but will be relieved the long-running dispute is over.
  • Dominic Fodera, a former director of failed Australian insurance company HIH, has been jailed for two years for authorising a prospectus with a material omission.
  • Lloyd's announced last week that it is to return to the debt markets with a benchmark issue of between £300-500mn in Tier 1 perpetual subordinated debt.
  • US (re)insurer Liberty Mutual has continued its series of hurricane linked cat bonds with the launch of the $150mn Mystic Re II.
  • Airline rates witnessed double-digit falls for the eight consecutive month, with lead hull and liability premiums down an average of 18 percent during May, according to a report by Aon.
  • DUAL International, the fast-expanding financial and professional lines underwriting agency, is to part company with its chief executive James Gerry following his resignation, The Insurance Insider understands.
  • UK broker COBRA Holdings has announced its intention to seek admission to the AIM stock exchange with a planned £10mn float.
  • Catlin Underwriting Agencies CEO, Paul Jardine has been elected as the new chairman of the Lloyd’s Market Association (LMA) to replace ACE Europe’s CEO and chairman Andrew Kendrick.
  • Royal & Sun Alliance Insurance Group plc (R&SA) has entered into an agreement to acquire 50 percent of a company giving it access the fast growing Eastern European and Russian insurance markets.
  • The National Association of Insurance Commissioners said that it will step up its efforts to overhaul reinsurance regulation in the US before addressing the collateral charges faced by alien reinsurers.
  • Alliant Insurance Services Inc became the latest US insurance broker to succumb to overtures from private equity investors when it confirmed last week that it had agreed to a takeover from The Blackstone Group.
  • Two subsidiaries of Paris Re, the former reinsurance arm of AXA Re, have been assigned an initial rating of A- by Standard & Poor's (S&P).