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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).
  • A temporary restraining order has been issued against Bermudian (re)insurer Arch Capital Group (Arch) over its poaching of a 30-strong property fac team from US rival General Reinsurance Corporation (Gen Re), The Insurance Insider can reveal.
  • 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.
  • The UK’s largest privately-owned insurance group, Towergate Partnership (Towergate) is once again courting interest from private equity investors.
  • 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.
  • Seven insurers reached a $2bn settlement with World Trade Center (WTC) developer Larry Silverstein last week bringing to an end more than five years of litigation between the parties.
  • 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.
  • Lloyd’s start-up Ark Syndicate Management has launched its terrorism, war and political risk business with former Wellington underwriter Simon Low at the helm.
  • 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.
  • Lloyd's insurer Heritage Underwriting Agency plc is to add an international treaty team later this year headed by former Ascot underwriter James Braddock.
  • 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.
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