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June 2007/3

  • 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 insurer Novae has entered the UK property market with the appointment of an ex-Wellington Underwriting team.
  • UK broker COBRA Holdings has announced its intention to seek admission to the AIM stock exchange with a planned £10mn float.
  • BP Marsh & Partners plc, the London-based investor in specialist insurance and other financial services, has revealed a 15.4 percent growth in its net asset value last year.
  • Converium Holdings has announced that its chief risk officer, Markus Krall, will leave at the end of June citing personal reasons.
  • 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.
  • UK regulator, the Financial Services Authority (FSA), has banned David King, the president of the unauthorised insurer CIC, from working in regulated companies for life.
  • 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.
  • The long-running commissions dispute which saw RK Carvill sue its former client XL Capital and a number of reinsurers was settled at the end of last month when a US court ruled in favour of the reinsurance broker.
  • 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.
  • 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.
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