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June 2010/3

  • The Met Office has predicted 20 North Atlantic tropical storms between July and November this year as it confirmed its expectation for an active hurricane season.
  • As Brit shares surged in the wake of the revelation of Apollo's approach, analysts were divided on what constituted a fair price for the UK insurer and on its merits as a takeover target.
  • Long new group president at Lib Mut; Redhead to leave DE Shaw;
  • UK insurance services provider Charles Taylor Consulting plc (CTC) has acquired Guernsey- registered Finistere Life Assurance Company Limited from the Carey Group.
  • The proposed solvent schemes of arrangement for the Camomile Pool companies last week secured unanimous approval from its creditors, The Insurance Insider understands.
  • Run-off insurer Scottish Lion has axed the majority of its staff after its sale to Berkshire Hathaway subsidiary National Indemnity Company (NICO), The Insurance Insider understands.
  • Specialist lawyers have greeted as "pragmatic" a recent decision by the UK commercial court to dismiss an appeal by Brazil-based reinsurer IRB against arbitration in favour of its reinsured CX Re.
  • Goldman Sachs' stock fell to a new 52-week low last week amid mounting legal action focusing on the Wall Street investment giant's sale of collateralised debt obligations (CDOs).
  • Maurice "Hank" Greenberg has warned industry leaders that an overreaction from global regulators threatens to rob the insurance sector of its ability to make acceptable returns for shareholders.
  • Former Stanford Financial Group (SFG) chief financial officer, Laura Pendergest-Holt, has asked to be tried separately to disgraced financier Allen Stanford in the wake of his "circus-like conduct".
  • A California judge has put further pressure on the rating agencies' as they look to wield the US Constitution's First Amendment against attempts to make them liable for their ratings decisions.
  • Swiss Re has continued its long-running Vita Capital series of transactions with the issue of $50mn of notes in the first transfer of extreme mortality exposure since November last year.
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