June 2008/1
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Ariel Reinsurance Company Ltd has announced that George Rivaz will take over as chairman as part of a wider restructure of the board.
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Florida’s cat fund has turned to Berkshire Hathaway to buy a $4bn put option bond as a hedge against an active hurricane season after concluding the cost of traditional reinsurance was too high.
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American International Group (AIG) has confirmed reports that former CEO Martin Sullivan will receive a $47mn severance package after officially stepping down from his post.
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In a bleak day for international equity markets, Brit Insurance Holdings Plc led UK insurers’ stocks south after closing down almost 7.5 percent on the London Stock Exchange.
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Lloyd’s insurer Chaucer Holdings plc has confirmed the sale of its shareholding in Pembroke to Ironshore Inc in a deal worth £14.9mn, as first revealed by The Insurance Insider.
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Bermuda’s Allied World Assurance Company Holdings Ltd (AWAC) is expanding its US presence with the $550mn cash acquisition of Darwin Professional Underwriters Inc.
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Lloyd's insurer Hiscox Ltd has revealed plans to create a new Lloyd's Syndicate backed 100 percent by its own capital.
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Marsh is dusting off the venerable Bowring name with the formation of a new international division, Bowring Marsh, which will bring together its international placement capabilities for property, terrorism and casualty risks.
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Bermudian Ironshore Inc is close to announcing a deal with Chaucer plc to buy the Lloyd’s insurer’s Pembroke division, a move first revealed by The Insurance Insider.
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AXIS Capital Holdings Limited has poached Michael Steel, Benfield Group's global head of capital markets and appointed him in the newly created role of chief risk officer, the Bermuda-held company has announced.
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Acquisitive run-off specialist Enstar Group Ltd has announced plans to raise around $105mn with a new public share issue.
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Hawaiian governor Linda Lingle has signed a new law making the transfer of insurance-linked securities to the capital markets more efficient for captives.
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Capita Group Ltd and Marsh UK have finalised a 10-year outsourcing deal, worth £187mn, that will see around 600 staff transfer to the outsourcing giant, as predicted earlier this week by The Insurance Insider.
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The auditors of failed insurer Independent Insurance have been fined £500,000 and ordered to pay costs of £1.15mn by the UK accountancy watchdog after a tribunal found the firm's conduct "seriously below the appropriate standard".
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Paul Jardine, COO of Catlin Group, has been returned as chairman of the Lloyd's Market Association (LMA).
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Bermudian run-off specialist Enstar Group Ltd has agreed to purchase the failed UK listed (re)insurer GoshawK for £45.7mn ($90.3mn).
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With $720mn backing from energy sector specialist private equity firm First Reserve Corporation, Torus Insurance Holdings Limited (Bermuda) has formally launched in time for a 1 July start, as predicted by The Insurance Insider.
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German reinsurer Hannover Re has reached an "exclusive agreement" with Indian reinsurer GIC Re to develop and underwrite life reinsurance business in India, the group has announced.
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French reinsurer SCOR has revealed that it will be launching its Americas "hub" in New York to help increase its presence in the market.
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Rating agency AM Best has downgraded the issuer credit ratings of American International Group (AIG) just days after the insurance giant announced CEO Martin Sullivan's resignation.
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Jardine Lloyd Thompson Group Plc (JLT) has acquired HWS Holdings Limited (HWS) with its two Lloyd’s broker subsidiaries for up to £8.75mn, as predicted by The Insurance Insider.
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Martin Sullivan has resigned as chief executive of American International Group (AIG) after bowing to mounting shareholder pressure over the company’s performance that has slumped on heavy credit losses.
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Space insurance underwriters are facing the prospect of yet another loss with the failure of a Kazakhstan communications satellite in orbit, The Insurance Insider can reveal.
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Lloyd’s listed (re)insurer Beazley Group plc has promoted group finance director Andrew Horton to take over from Andrew Beazley as its chief executive.
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