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June 2008/4

  • The Financial Services Authority (FSA) has said it is willing to mandate action on the disclosure of broker's commissions by the end of the year if the industry fails to find a solution to the issue.
  • Risk modelling firm Risk Management Solutions (RMS) aims to boost investment in the insurance linked securities (ILS) market with an electronic ILS portfolio management platform.
  • The Bermuda Monetary Authority (BMA) is proposing a reclassification of Class 3 (re)insurers into sub-classes because of the increasingly broad range of carriers attracted to the island.
  • Hannover Re's new dedicated insurance linked securities (ILS) team has closed $133mn Globe Re - choosing an innovative deal as its first since launching in January.
  • Former RenaissanceRe CEO James Stanard has failed in his attempt to have the Securities and Exchanges Commission's (SEC) fraud allegations against him dismissed.
  • Hyperion Insurance Group Ltd has announced that its 2007 operating profit increased by 10 percent to £6.5mn, compared to £5.9mn in 2006.
  • Qatar has staked its claim to be the leading centre for insurance in the Middle East with a move to launch an electronic trading platform later this year to service the sector.
  • Marsh's 29-strong aviation reinsurance team is transferring to Marsh & McLennan Companies' (MMC) stablemate Guy Carpenter in a move that the firm says will benefit clients.
  • Those recent glimmers of hope for the downtrodden financial markets appeared to be snuffed out last week in what was another torrid time for the banking sector.
  • Zurich Financial Services (ZFS) - the enduring frontrunner in the race to buy Royal Bank of Scotland's up-for-sale insurance businesses - overcame a significant hurdle last week when reports confirmed that the firm had its financing in place.
  • The remarkable thawing of relations between American International Group (AIG) and Maurice "Hank" Greenberg appears underway after a "positive" meeting between the veteran and Robert Willumstad, the latest man in the hot seat at the troubled insurance gia
  • Former CEO of XL insurance Clive Tobin is set to front energy start up Torus Insurance Holdings Ltd (Bermuda), which has been formally launched today (Monday), The Insurance Insider has learnt.
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