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June 2007/4

  • Insurance claims are continuing to rise following severe storms on its East Coast over 9-10 June. The Insurance Council of Australia said the estimated cost of claims from the storm is now A$270mn.
  • Giant US insurer American International Group (AIG) filed a $1bn lawsuit against its former CEO Maurice “Hank” Greenberg and ex-CFO Howard Smith last week.
  • The US Congress is due to discuss an extension to the federal Terrorism Risk Insurance Act (TRIA) that is scheduled to expire at the end of the year.
  • Lloyd’s set the terms for the public issue of £500mn of tier 1 subordinated debt last week. Following a three-day investment road show, the Corporation saw its debt issue several times oversubscribed by institutional investors.
  • UK run-off management company Tawa announced a round of redundancies within its 90 staff in London last week, fuelling sentiment that the discontinued business sector is heading towards greater consolidation and streamlining of its resources.
  • The reserving practices of Independent Insurance came under scrutiny as several of the company’s former claims staff testified in court last week.
  • Swiss reinsurer Glacier Re joined the list of carriers accessing the capital markets with a $75mn offering under a shelf programme providing it with retrocession cover from windstorm and earthquakes.
  • US insurer State Farm is set to place a giant $4bn cat programme, consisting of both bonds and loans, to provide retrocessional protection for one of its subsidiaries. The company has formed a special purpose vehicle, called Merna Re, which will provide
  • A flurry of (re)insurance activity in the capital markets last week ended with US giant Allstate Insurance launching a $2bn shelf catastrophe programme through a Cayman Island-based special purpose reinsurer Willow Re.
  • Aspen Re has become the first reinsurer to follow in the footsteps of the G6 with the launch of a live peer-to-peer electronic trading platform.
  • Specialist actuarial consultants EMB has lured Duncan Anderson away from rival firm Watson Wyatt.
  • Expanding Australian sports underwriter Sportscover has announced the extension of its network into Ireland after teaming up with broker and sports specialist O’Driscoll O’Neil.
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