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March 2012/4

  • Omega has disclosed to shareholders that it received a 65p per share all-cash offer from Lloyd's rival Canopius, confirming the news broken by The Insurance Insider after markets closed yesterday (2 April).
  • Insurance services provider Charles Taylor Consulting (CTC) has reported a £6.4mn profit for 2011 and confirmed it will no longer be seeking to buy non-life legacy business.
  • Tawa's investment in its services business during 2011 should be considered a successful year of investment despite a big accounting loss, according to the company's CEO Gilles Erulin.
  • ANV's proposed acquisition of Flagstone's Lloyd's operations includes the prior-year liabilities of Syndicate 1861, The Insurance Insider understands.
  • Hardy Underwriting, which last week confirmed a takeover deal with CNA Financial, is set to take a $25mn gross loss on one of the largest direct and facultative (D&F) losses to stem from last year's Thai flooding, sister title Inside FAC revealed last week.
  • The US Securities and Exchange Commission (SEC) has filed a subpoena enforcement action against Wells Fargo after the US bank failed to produce all documents relating to a $60bn fraud probe.
  • A fifth circuit appeals court has ruled that investors burnt by Allen Stanford's $7bn Ponzi scheme are entitled to pursue a class action suit against his insurance broker Willis in the district court.
  • Washington Mutual Inc (WMI) is suing its directors' and officers' (D&O) insurers in an attempt to recover up to $265mn underwritten by a group led by XL Specialty and Chartis subsidiary National Union Fire Insurance (NUFI).
  • The Financial Services Authority (FSA)'s stringent liquidity demands on larger UK insurance brokers has spurred the development of a new insolvency risk insurance product, according to accountancy firm Littlejohn.
  • Lloyd's (re)insurers, the Corporation of Lloyd's and UK general insurers will all experience hefty increases in their Financial Services Authority (FSA) levies this year. The UK regulator cited pay increases, Solvency II, the change to the regulatory system and IT costs for the sharp increase in the budget.
  • A "paradigm shift" is needed in how policy tools are used to combat conflicts of interest, information asymmetries and market inefficiencies in the insurance and pensions industry, said Gabriel Bernardino, chairman of the European Insurance and Occupational Pensions Authority (Eiopa).
  • Lloyd's has delayed the submission of its internal model to the Financial Services Authority (FSA) until July. The model was originally due to be submitted for approval next month.
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