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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.
  • 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.
  • 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).
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