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May 2007/5

  • 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.
  • 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.
  • The laws of European Union countries are moving into line as the effect of insurance directives increases, according to a report by reinsurance broker Guy Carpenter and legal firm DLA Piper.
  • Bermudian headquartered PartnerRe confirmed last week that it has acquired the international reinsurance renewal rights of Mutuelle Centrale de Reassurance (MCR).
  • Increased capacity and a low loss record are combining to soften the energy market and prices will fall "a good deal further" in the absence of catastrophe losses, according to a report published by Willis Group Holdings last week.