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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.
  • QBE Limit and Markel are set for a November High Court showdown with broker Surety Guarantee Consultants Ltd (SGC) over allegations of fraud in connection with construction bonds it issued as a coverholder.
  • 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.
  • Lloyd's-based insurers joined their peers in Europe and across the Atlantic in giving additional capital back to their shareholders.
  • Catastrophe modelling agency Risk Management Services (RMS) has warned that a large earthquake striking near the Chinese capital Beijing could cause $100bn in (economic) damages.
  • The spectre of asbestos returned to haunt reinsurance giant Munich Re as it revealed in its full annual report on 20 March a $600mn strengthening of loss reserves for related claims.
  • 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.
  • French insurance giant AXA SA has denied it is interested in making a play for its Italian rival Generali Assicurazioni SpA.
  • 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.
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