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June 2009/4

  • Aon has confirmed that UK CEO Peter Harmer is set to return to Australia at the end of September...
  • President Barack Obama's far-reaching proposals to overhaul US financial regulation were given a cautious welcome by interest groups anxious to avoid formal federal oversight of the sector.
  • On 24 June, the UK High Court will be asked to approve the historic Part VII transfer of all Equitas' remaining liabilities - now comprising some $7.8bn – in a deal which could finally allow Lloyd's Names to "sleep easily at night".
  • The schedule of the already delayed Equitas v Brandywine LMX spiral clash in the UK High Court suffered a further setback last week, after expert underwriting witnesses failed to give evidence for undisclosed reasons.
  • London market (re)insurance broker Cooper Gay (Holdings) Ltd has taken a decisive step towards its ambition of a public listing with the imminent arrival of two City heavyweights that have recently stepped down from Benfield Group.
  • The on-off takeover saga of Lloyd's insurer Chaucer took a decisive step forward today with a formal, all-paper offer by rival Brit Insurance this morning, but its modest terms has provoked Russian-backed private equity firm Pamplona Capital...
  • Air France will give about EUR17,500 ($24,000) as an advance to the families of victims on Air France Flight 447 from Rio de Janeiro to Paris, which crashed on 1 June.
  • Allen Stanford, CEO of fraud-hit banking and investments group Stanford Financial, was accused of running a $7bn scam to defraud investors, as the FBI filed criminal charges against the colourful Texan and several of his associates.
  • Willis Group Holdings confirmed last week that it was in discussions over selling a portion of its interest in privately held French broker Gras Savoye & Cie.
  • After 2008's bleak investment conditions, Flagstone Re has piled out of equity investments and now has 34.5 percent of its portfolio invested in US Treasury Inflation-Protected Securities, or TIPs...
  • Offshore domicile Guernsey has seen a significant increase in enquiries relating to setting up captive and insurance cell operations in the last three months, chief executive of Guernsey Finance Peter Niven told The Insurance Insider.
  • The great and the good of the convergence sector are dusting off their dinner jackets in preparation for the inaugural Trading Risk 2009 awards later this week, with competition fierce for the eight award categories.