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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.
  • 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.
  • A US judge has dismissed several of the claims made by American International Group (AIG) in its attempt to wrest control of a block of its shares from its former CEO and chairman.
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