March 2010/3
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Law firm Sidley Austin has hired insurance litigators Martin Membery and Matthew Griffith from rival Pinsent Masons to join the practice as partners.
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Alexander Baugh is to take up the newly created position of president and CEO of Chartis Europe Holdings.
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Argo Group became the latest international (re)insurer to repatriate capital to shareholders last week, with a $17.5mn buyback of its common stock in an accelerated share repurchase agreement with Goldman Sachs.
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Novae Group is no longer the long-tail, liability-oriented business of the past and from 2011 will finally succeed in shaking its "long-term return on equity problem", CEO Matthew Fosh believes.
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American International Group (AIG) has set the price of its remaining shares in former affiliate Transatlantic Holdings at $53.35, which would yield $490mn.
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The Microinsurance Innovation Facility of the International Labour Organization (ILO) has received its largest ever number of applications to support microinsurance projects in its fourth round of grants.
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Marsh parent Marsh & McLennan Companies (MMC) is poised to sell off Kroll, its underperforming corporate investigations division, for 30 percent less than it originally paid.
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Munich Re has withdrawn from writing most structured trade credit reinsurance and reduced its appetite for all credit risks after the recession drove this part of its business to EUR510mn losses in 2009.
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Last year's loss log offers further evidence that the biggest challenge facing energy insurers is the rise of the mega-loss, with $100mn plus claims accounting for more than two-thirds of total losses.
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New York City officials has offered a $658mn settlement to thousands of workers who became ill from rescue and clean-up work after the 2001 World Trade Center attacks.
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Australian insurer QBE has warned that the global insurance market is likely to remain soft for the next 12 to 18 months.
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Beefed-up capital requirements due to come in with Solvency II will make the insurance industry less rather than more stable, according to Europe's insurance and reinsurance trade body.
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The Financial Services Authority (FSA) has fired a shot across the bows of UK-regulated insurance companies, warning that if they do not accelerate preparations for Solvency II they will not be ready by the current 2012 go-live date.
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The flurry of litigation against the rating agencies following the sub-prime meltdown continues unabated.
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Warren Buffett declined requests from Lehman Brothers' management for support both shortly after Bear Stearns collapsed in March 2008 and then again in the run-up to the investment bank's fall in September of that year.
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Minster Insurance, the Audley Gilroy-owned firm's proposed solvent scheme of arrangement, tomorrow (16 March) will find out finally if it has the go-ahead in the UK High Court.
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The controversial Scottish Lion solvent scheme of arrangement faces another hurdle before a date is fixed for its go-ahead hearing, following a dispute over the allocation of legal costs.
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GCFac is understood to be losing the head of its London-based retro facultative operations, Gary Barnett, to rival Aon Benfield Fac, sister publication Inside FAC has revealed.
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Firms cannot afford to be ignorant of data protection rules and information security issues given the harder line taken by UK and European Union regulators, lawyers have warned.
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MarketScout is to set up a wholesale brokerage and managing general agent after securing the services of former Crump CEO Glenn Hargrove.
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Lobby group the Association of Bermudian Insurers and Reinsurers (ABIR) has told the US House of Representatives that proposed subsidised federal reinsurance legislation is "not sound public policy".
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The US may suffer an "extreme" hurricane season in 2010 after an exceptionally benign 2009, according to AccuWeather.com.
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The Bermudian government is preparing to hike payroll tax receipts by more than 20 percent as it looks to close a budget deficit opened up by the recession.
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Ariel Holdings Ltd founder Don Kramer is standing down as CEO of the Bermudian (re)insurer in favour of long-time number two George Rivaz.
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Glacier Group cut back business by 17 percent in 2009 while delivering a $34mn increase in net profit to $60mn, as it looked to navigate softening market conditions.
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Hannover Re hauled back to an impressive profit EUR731mn last year, but is bracing itself for a EUR225mn hit from the Chile earthquake and recent European storm damage.
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Bermuda-headquartered (re)insurer Omega Insurance Holdings finally held its special general meeting (SGM) last week, ending the internecine conflict that has caused its lead underwriter to resign and set shareholders against the board.
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Scor may have already used up 80 percent of its 2010 cat loss budget, after taking hits from the Chile and Haitian earthquakes and European Windstorm Xynthia in the first three months of the year.
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Lloyd's head of underwriting, Tom Bolt, believes initial industry losses from the Chile quake could change dramatically, with the loss developing on the lines of the Northridge earthquake of 1994.
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Aon was recently in talks to buy the reinsurance broker Walsham Brothers, which could become the latest London market broker to be acquired by a larger, multinational rival - The Insurance Insider can reveal.
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Electronic trading platform RI3K is in talks with the London & International Insurance Brokers' Association (LIIBA) and the "big three" brokers to develop a London market platform, The Insurance Insider can reveal.
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Lloyd's net share of the Chilean disaster will be in excess of $500mn and possibly $750mn+, according to The Insurance Insider's initial analysis.
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