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June 2008/5

  • Amlin plc remains one of the best property and casualty insurers, according to Keefe, Bruyette & Woods analyst Chris Hitchings, after the listed-Lloyd's insurer reassured investors that its catastrophe risk account remains in good shape.
  • The rebuilding of the World Trade Center site that was devastated in the 9/11 terrorist attacks will not be completed until the middle of the next decade and may run up to $3bn over budget, according to reports.
  • The extent of sub-prime related hits at American International Group (AIG) continues to emerge with the US insurance giant to absorb $5bn in losses in its securities-lending operations.
  • Ironshore Inc's expected acquisition of Chaucer's Pembroke division will bring the total number of Lloyd's insurer buyouts to three this year.
  • Marsh is dusting off the venerable Bowring name with the formation of a new international division, Bowring Marsh, which will bring together its international placement capabilities for property, terrorism and casualty risks.
  • Expansive Bermudian Ironshore Inc is close to sealing a deal with Chaucer plc to buy the Lloyd's insurer's Pembroke division, in a move first revealed by The Insurance Insider.
  • Bermuda's Allied World Assurance Company Holdings Ltd (AWAC) is expanding its US presence with the $550mn cash acquisition of Darwin Professional Underwriters Inc.
  • 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.
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