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March 2007/5

  • Stephen Catlin, the founding chief executive of insurance group Catlin Group plc, is the headline speaker at The Insurance Insider's Capital Management Executive Briefing event next month.
  • Xchanging is planning to raise up to £150mn in a planned April initial public offering (IPO) which could see the firm valued at over £400mn, Insider Week can reveal.
  • Bermudian Flagstone Reinsurance Holdings Ltd is expected to make its debut on the New York Stock Exchange this Thursday (29 March) as the (re)insurer goes ahead with its long-awaited $202mn IPO.
  • The insurance industry needs a real partnership between underwriters and brokers if it is to progress, according to Hiscox Ltd's chairman Robert Hiscox.
  • Italian (re)insurance giant Generali disappointed analysts by failing to announce a special share buyback scheme despite reporting record net profits of EUR2.4bn for 2006, a rise of 25.3 percent.
  • 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.
  • Reinsurance broker Benfield Group continues to bolster its Facultative Solutions teams after last year’s mass defection to rival Aon Corp.
  • Managing agency CV Starr will be one of the underwriters for Lloyd's newly licensed Chinese reinsurance operation, it was revealed last week.
  • Forecaster Tropical Storm Risk (TSR) has again raised its predictions for this year’s North Atlantic hurricane season.
  • Lloyd's chairman Lord Levene, who has long campaigned for a lower corporate tax rate in the UK, endorsed the 2 percent cut made by Chancellor Gordon Brown in his final budget.
  • The Bermuda-based energy mutual Oil Insurance Ltd will increase its aggregation limits for all risks to $750mn when the 2007 Atlantic hurricane season begins later this year.
  • A principles-based rather than a rules-based approach – not just to regulation but to running the entire industry – should be embraced by the industry, according to Joe Plumeri, chairman and CEO of Willis.
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