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June 2008/2

  • Swiss reinsurer Glacier Re has successfully launched its $180mn Nelson Re 2008-I bond, a move predicted by Trading Risk last month.
  • Reinsurance broker Benfield Group Limited has made a cash investment of $20.5mn in Hannover Re's $133mn Florida-focused sidecar vehicle, Globe Re.
  • Risk modelling firm Risk Management Solutions (RMS) has launched its second natural catastrophe index under the Paradex banner, that it says will lead to earlier loss settlement.
  • Hedge fund giant Man Group has acquired a 25 percent stake in Bermudian investment manager Nephila Capital for $50mn.
  • Insurers are not expecting to face a significant payout from the blaze that caused damage to the Californian theme park and studio lot of Universal Studios at the start of the month.
  • American International Group (AIG) has been ordered to give its former CEO and chairman, Maurice “Hank” Greenberg, access to company documents by the New York Court of Appeals.
  • Shares in American International Group Inc (AIG) fell 7 percent to close at $33.93 Friday after it emerged the company is being investigated by the Securities and Exchange Commission (SEC) over its valuation of contracts linked to sub-prime mortgages.
  • Gulf Re, the $400mn reinsurer formed in a joint venture between Arch Capital Group Ltd and Gulf Investment Corporation (GIC), has been granted a licence by the Dubai authorities.
  • Finnish insurance group Sampo's P&C insurance subsidiary has agreed to purchase Russian insurer SOAO Region, the group announced last week.
  • The acquisitive Spanish insurer Mapfre acquired US car insurer Commerce in a $2.2bn+ deal last week.
  • Two major UK insurers have revealed job cuts that could total almost 3,000 staff as they face up to "difficult times" and changes in the way business is placed.
  • New York attorney general Andrew Cuomo has reached an agreement with three major rating agencies that promises to overhaul the way they collect fees and to improve their process for rating mortgage-backed securities.
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