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June 2008/4

  • 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.
  • 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.
  • 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.
  • The Association of Insurance and Risk Managers (AIRMIC) is to publish an index which will allow its members to assess how insurers pay claims.
  • Insurers face a greater threat from weak pricing than from the credit crisis in the months ahead, according to Swiss Re.
  • Captive operations owned by financial institutions are less likely to take out reinsurance than those belonging to other sector groups, according to a report by Marsh.
  • 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.
  • Aon Corp's Middle East division has opened a regional headquarters in the Dubai International Finance Centre (DIFC), after being granted a license to operate within the DIFC.
  • Around three-quarters of London market insurers believe they will underestimate the impact of rate softening, according to a report from Ernst & Young (E&Y).
  • Previous contracts are likely to play an increasingly large role in legal cases following a precedent-setting case involving a policy taken out by Standard Life, say insurance law experts Ince & Co.
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