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March 2009/5

  • Aon veteran Vincent Redier has retired from his position as executive chairman of the broking giant's French operations, The Insurance Insider can reveal.
  • Existing estimates of the global (re)insured losses arising from sub-prime, credit crisis, liquidity and fraud-related litigation are "intuitively low", according to industry leaders...
  • The European Commission (EC) has put forward plans to scrap certain EU competition exemptions relating to insurance policy agreements, citing preliminary findings which suggest the agreements are not specific to the insurance sector.
  • Lloyd's insurer Amlin plc remains a leading runner in the race to acquire rival Chaucer Insurance Holdings, after making an offer which values the firm at around £280mn, The Insurance Insider can reveal.
  • Following a nine-month strategic review, XL Capital placed its UK and Irish life annuity reinsurance business into run-off, citing market conditions.
  • Lloyd's insurers are unlikely to benefit this year from the bumper tide of reserve releases that bolstered the 2008 bottom line, according to the Corporation's director of finance, risk management, and operations, Luke Savage.
  • The London International Insurance and Reinsurance Brokers' Association (LIIBA) has said that its members now total over 120 firms - representing 98 percent of the London-based international broker sector...
  • UK-listed run-off vehicle Tawa plc fell to an after-tax consolidated loss for 2008 of $42.4mn, driven by deepening losses from the bond portfolio in its CX Re subsidiary.
  • Former Berkshire Hathaway executive Tom Bolt – who is widely admired in Lime Street – is now to take on the ultimate underwriting job by succeeding Rolf Tolle as the Society’s Underwriting Performance Director.
  • A preliminary deal on the European Union (EU) Solvency II (SII) directive was reached last week by omitting contentious group support regime proposals, which had been a major stumbling block to EU-wide agreement.
  • The Chicago Mercantile Exchange (CME) facilitated a $10mn trade on its new 2nd event Gulf and Florida hurricane futures contract just days after its launch.
  • The 1.4 renewals – dominated by the Japanese treaty market – will provide a barometer of the direction reinsurance rates are headed in after a 1.1 renewal that didn’t deliver the rate rises underwriters had hoped for.
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