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March 2008/3

  • Ironshore Inc is carrying out due diligence on Lloyd's insurer Heritage Underwriting Agency after signing a non-disclosure agreement (NDA), our sister publication The Insurance Insider revealed today.
  • Lloyd's insurers will be able to accept business from brokers around the world, but the market's unique - and sometimes criticised - capital structure will not be overhauled, according to proposals that were published last week.
  • Bermudian-headquartered run-off company Alea Group Holdings' outstanding liabilities now stand at around $1.5bn after a series of major commutations, the company announced in its 2007 results.
  • Jardine Lloyd Thompson Group plc's (JLT) 2007 results were welcomed by analysts last week as a sign the firm may have turned the corner following recent restructurings and investments in its trading operations.
  • Bermuda-headquartered (re)insurer Catlin Group Ltd reported an 8 percent increase in combined earnings to $462mn for 2007, on the back of the integration of acquired London (re)insurer Wellington Underwriting...
  • Lloyd's insurer Chaucer Holdings plc will continue to target improving conditions in UK motor as it looks to realign its book in the face of softening in other lines of business.
  • Brit Insurance Holdings said it was "business as usual" this morning after the UK insurer posted £62.5mn of net reserves for sub-prime related liability claims.
  • Lloyd's has approved Syndicate 2008 to write reinsurance to close (RITC) business, with the Shelbourne Syndicate Services Ltd (SSSL) managed vehicle already closing four open year syndicates with gross insurance reserves of around $455mn.
  • Stephen Matanle, the long-standing Marsh executive who left the firm last month as part of a widespread restructuring, has joined Libero Ventures Ltd, the new Lehman Brothers subsidiary.
  • The major catastrophe modelling agencies are again disagreeing over the size of losses arising from an event with estimates of insured losses from European Windstorm Emma varying between EUR300mn and EUR1.3bn.
  • Mirroring the aviation sector, an excess of capacity together with low losses are driving premium rates downwards, according to Aon's Aerospace Insurance Market Review.
  • Wall Street banks could lose a further $325bn in capital due to deteriorating sub-prime US mortgages in the face of a "systemic margin call", according to JPMorgan.
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