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June 2008/5

  • Swiss Re has obtained $150mn protection against North Atlantic hurricane, European windstorm, Californian earthquake, Japanese earthquake and Japanese typhoon through collateralised risk obligation (CRO) Vega Capital Ltd, as predicted by...
  • The risk of flooding in the UK will continue to escalate unless the government improves the resilience of flood-prone areas, according to an independent review of last summer's UK floods.
  • New York governor David Paterson has dropped the biggest hint yet that it could relax regulatory barriers against foreign (re)insurers, according to reports last week.
  • London market broker RFIB Group Ltd has recruited Dominic Hagger from Arthur J Gallagher UK Ltd (AJG UK) to join its international non-marine business.
  • Net income for the US property & casualty (P&C) insurance industry has almost halved in the first quarter of 2008 after heavy losses in underwriting results, according to the US P&C associations.
  • Deven Sharma, president of credit rating agency Standard & Poor's (S&P), has called for a co-ordinated approach by credit agencies to ensure there is greater global rating consistency.
  • As predicted by The Insurance Insider last week, Capita Group plc and Marsh UK finalised their 10-year outsourcing deal, worth £187mn, that will see around 600 staff transfer to the outsourcing firm.
  • Specialist UK broker THB Group plc has seen profits fall by an much as 40 percent in the 12 months to April, compared to the prior year despite more an earnings boost in the first half of that period.
  • Despite a "good year for the insurance industry" in 2007, the non-life sector faces considerable challenges, according to Swiss Re.
  • Acquisitive run-off specialist Enstar Group Ltd has announced plans to raise around $105mn with a new public share issue.
  • Ratings agency Moody's Investor Services has cut its outlook on XL Capital to negative due to the company's exposure to the sub-prime crisis through its bond insurer affiliate Security Capital Assurance (SCA).
  • Lloyd's insurer Hiscox Ltd has revealed plans to create a new Lloyd's Syndicate backed 100 percent by its own capital.
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