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March 2007/2

  • Insured losses from Hurricane Dean will be in a range of $0.75-1.5bn substantially less than first feared due to the storm’s “extraordinarily fortunate track”, according to modelling firm Risk Management Solutions (RMS).
  • Integro Ltd, the US insurance broker formed in response to the regulatory scrutiny in to the broking industry, is to recruit between 50-100 executives to build a new global wholesale and facultative reinsurance group, The Insurance Insider can reveal.
  • Strong performance from Lloyd’s insurers in calm cat conditions has led the Society to report pre-tax 2006 profits of £3.7bn for the market.
  • Yesterday’s (27 March) closing of the Equitas deal with Berkshire Hathaway has already begun to pay dividends for Lloyd’s, with Fitch Ratings upgrading its insurance financial strength rating on the Society from A to A+.
  • Xchanging, the outsourcing firm which runs the London market’s back office, has confirmed its plans to float on the London Stock Exchange.
  • Lloyd's insurer Hardy Underwriting Group has revealed that it will stay in London, but that the possibility of moving to a low tax jurisdiction remains firmly in its sights.
  • The spectre of asbestos has returned to haunt reinsurance giant Munich Re as it revealed in its full annual report this morning (20 March) a $600mn strengthening of loss reserves for related claims.
  • Ark Syndicate 4020 has become the latest start-up to gain Lloyd’s approval, with 2007 stamp capacity of £114mn and backing led by Jeff Greenberg’s Aquiline Capital Partners LLC.
  • Lloyd's has received the long-awaited approval for its new Chinese onshore reinsurance operation from regulators today (14 March).
  • Guy Carpenter has become the latest reinsurance broker to launch an index-based property catastrophe reinsurance product as an alternative to traditional risk transfer.
  • Kiln plc has become the latest Lloyd’s company to announce plans to redomicile in Bermuda and launch an insurer on the island.
  • Aon Re Global has agreed to pay Benfield Group £9.525mn to settle the litigation which sprang from the defection of Elliot Richardson, and his facultative team, last year.