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March 2009/5
  • New York arbitrageur denies Chaucer interest
    New York-based private bank and alternative investment manager Gruss & Co has denied suggestions that it is interested in being involved in a bid for the up-for-sale Lloyd's insurer Chaucer.
    30 March 2009
  • People moves
    Allied World hires ex-AIG execs for Asia expansion; JLT launches RVI unit with Aon hire; Colemont hires aviation duo from Aon; Sutherland appointed CEO of Qatar Board; Allianz appoints new risk transfer CEO; Aspen promotes Griffiths replacement
    30 March 2009
  • Towergate and KPMG deny reports of debt restructuring
    UK insurance intermediary Towergate Partnership has denied reports that it is drafting in KPMG to advise on restructuring its £560mn in loans and debt facilities which it has used to fund an aggressive acquisition strategy.
    30 March 2009
  • Ark sails into profit; 2009 capacity grows 30 percent
    In its first full year of trading, the private equity backed Lloyd's insurer group Ark Insurance Holdings posted a $18.6mn profit.
    30 March 2009
  • News in brief
    Catlin rights issue gets 98.68% take-up; Montpelier Re expands LOC facility; Lockton opens Dubai office
    30 March 2009
  • Lloyd's open years shrink further; gross liabilities drop to £2.4bn
    Lloyd's posted another sharp fall in the number of run-off or 'open years' of account in 2008, continuing the trend started in 2007.
    30 March 2009
  • LIIBA claims 98 percent market affiliation
    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...
    30 March 2009
  • CX Re drags Tawa to $42mn loss; Argo litigation
    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.
    30 March 2009
  • Lloyd’s bolts on another Berkshire exec to head underwriting
    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.
    30 March 2009
  • Trading begins on new Florida cat derivative
    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.
    30 March 2009
  • Japanese rates up as key 1.4 renewals approach; sets scene for US wind season
    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.
    30 March 2009
  • Group support lost in watered down Solvency II deal
    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.
    30 March 2009
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