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June 2009/5

  • Bermudian (re)insurer Validus Holdings has said that IPC Holdings shareholders representing approximately 54 percent of total shares support acquisition by Validus, and that it has sent requisitions from the shareholders to IPC.
  • Fitch changes RGA's outlook to negative; S&P goes negative on Gard; CIC takes over supervision of China Re
  • After revealing it was discussing selling a portion of its interest in French insurance broker Gras Savoye & Cie, global broker Willis has reiterated its strong commitment to the leading Gallic intermediary.
  • UK-quoted broker Thompson Heath Bond Group plc (THB) has pointed to sluggish insurance markets for a fall in the group's earnings at the six-month stage.
  • Actuarial and risk management firm Towers Perrin Forster & Crosby – the parent of the world’s fourth largest insurance broker – has agreed a merger with fellow professional services firm Watson Wyatt Worldwide.
  • A lawyer that represented independent directors of AIG has disputed claims by former chief Maurice "Hank" Greenberg of a mutual agreement between the insurer and Starr International Co (SICO) to end a deferred compensation scheme.
  • Despite greater transparency following the damaging sub-prime-related securities ratings withdrawals last year, Standard & Poor's (S&P) managing director of Germany Torsten Hinrichs, conceded "no model is clear of conflicts of interest".
  • The biggest risk to prospects of recovery from the recession and global economic slump is the potential for the global bond market to break down, according to Standard & Poor’s (S&P) chief European economist, Jean-Michael Six.
  • Legendary investor Warren Buffett doused hopes of a fast recovery in the US economy, saying he sees no sign of a rebound in the businesses his Berkshire Hathaway conglomerate backs.
  • The growing popularity of quota share reinsurance as a form of underwriting capital was underscored with news that Bermudian (re)insurer Flagstone Re is the leader on the £50mn transaction that enables Lloyd's insurer Chaucer Holdings to...
  • French composite insurer Groupama SA has had its insurer financial strength and long-term counterparty credit ratings cut by Standard & Poor's (S&P) from A+ to A on "weakened capital".
  • Goldman Sachs partner Michael J. Millette was heralded as the Outstanding Contributor of the year at the inaugural Trading Risk awards dinner on the 25 June, held in London.
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