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March 2009/5

  • 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.
  • 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.
  • Europe's largest insurer, Allianz, has added to the flurry of first quarter cat bonds after combining with Aon Benfield and Goldman Sachs to issue the $150mn US wind and quake bond Blue Fin II.
  • Standard & Poor's (S&P) became the second rating agency to turn negative on Berkshire Hathaway, after it changed its outlook on the firm's core AAA financial strength ratings to negative.
  • Lockton International is to outsource its London professional indemnity claims broking department to commercial liability claims specialist Devonshire Claims Services (DCS), The Insurance Insider can reveal.
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