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May 2007/4

  • A repeat of the 1927 Great Mississippi Flood - the largest flood disaster in US history could cost up to $160nn in economic damages if it happened today, according to catastrophe modelling firm Risk Management Solutions (RMS).
  • Bank of America Corp has said it is considering the sale of its brokerage business, Banc of America Corporate Insurance Agency LLC.
  • Sports underwiters Sportscover Europe have announced the appointment of Matthew Riley as its CEO, taking over from Chris Nash.
  • BP Marsh & Partners plc, the London-based investor in specialist insurance and other financial services, has taken part in a £5.5mn rights issue of Hyperion Insurance Group Limited.
  • UK general insurer Royal & Sun Alliance (R&SA) has appointed Paul Donaldson as managing director of its broker division following the departure of Brendon McManus to Willis.
  • Marsh Ltd has successfully prised the Scottish Professional Risks from its rival Aon Ltd.
  • Bermudian (re)insurer ACE Limited (ACE) is looking to use its global reach to search for growth in an ever-softening traditional (re)insurance market.
  • As The Hartford Financial Services Group (Hartford) celebrated "the best year in The Hartford’s history" in 2006, CEO Ramani Ayer was in bullish mood about prospects for 2007, predicting opportunities to grow its businesses.
  • Bermudian giant ACE Ltd has made a $9mn settlement in Pennsylvania over its underwriting practices and contingent commissions.
  • US giant American International Group (AIG) announced last week that it has agreed an $813mn takeover deal for 21st Century Insurance Group.
  • Rating agency Moody’s Investors Service reacted positively to Dutch bancassurer ING Group’s announcement of a proposed EUR5bn share buyback, affirming all the ratings of the group last week.
  • European giant Zurich Financial Services reported a 71 percent rise in its first quarter income, up to $1.39bn from $810mn in the prior-year period.
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