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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.
  • 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.
  • A number of leading insurers are supporting an Association of Risk and Insurance Managers (AIRMIC) initiative to limit the potential use of a device that puts the policyholder on notice that the insurer may not accept liability for a particular claim...
  • The Chubb Corporation has appointed John Dengan as vice chairman and chief operating officer among several senior promotions at the US firm.
  • US insurer Assurant Inc has announced the completion of its catastrophe reinsurance programme for 2008 and, with rates falling, was able to buy additional cover.