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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.
  • 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.
  • 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.
  • Bermudian (re)insurer Validus Holdings Ltd has suffered its first major departure after taking over Lloyd's insurer Talbot Underwriting with deputy head underwriter Darren Redhead joining DE Shaw.
  • 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.
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