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May 2007/5

  • Despite winning the support of Converium’s board with an increased bid, SCOR’s attempts to buy its rival have been further frustrated by the Swiss Takeover Board (STB).
  • Ironshore Inc has made its entry into the professional liability sector with an onshore US platform, a move predicted by The Insurance Insider earlier this month.
  • Broker commission transparency is "inevitable", according to Peter Cullum, the founding chairman of Towergate Partnership, yet he insisted the London market needs to eradicate major inefficiencies in order to compete in the long-term.
  • The long-awaited trial of the ‘Independent Three’ – the former directors of the collapsed UK insurer Independent Insurance - is set to start tomorrow (30 May) at Southwark Crown Court, London.
  • A good year driven by strong margins and a low loss environment were the main themes from trading statements released by four Lloyd's-based insurers last week.
  • Royal & Sun Alliance (R&SA) last week bought out the 25 percent investment held by minority shareholders in its Scandinavian subsidiary Codan for £584mn.
  • Rating agency Standard & Poor's (S&P) has updated its insurance capital model to include an explicit allowance for diversification.
  • Marsh Inc has announced the creation of Marsh Oman LLC, a joint venture with the Omani business Zubair Group.
  • Judges in the UK High Court last week upheld the £48mn divorce award to the ex-wife of John Charman, the former Lloyd's deputy chairman and founding president of AXIS Capital.
  • Insurance broker Willis Group Holdings has applauded two US senators for introducing the National Insurance Act of 2007.
  • Aon Corp has announced the planned departure of its influential chief financial officer Dave Bolger, who will leave once his successor has arrived.
  • Paris Re, the former reinsurance arm of AXA Re, has confirmed plans to list on the Paris-based, European Stock Exchange, Euronext, a year after it was acquired by a consortium of private equity firms.
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