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May 2009/3

  • Paris Re has given a cautious welcome to price hardening in some of its core short-tail lines of business, but has again struck a notably less excitable tone than many in its global P&C (re)insurance peer group...
  • Insurance giant Allianz saw its net income for the first quarter of 2009 drop by EUR1.12bn to EUR29mn compared to Q1 2008, as write-downs almost doubled to EUR708mn and its property and casualty (P&C) business produced sluggish figures.
  • Bermuda was dealt a reprieve last week as US President Barack Obama left out of his $210bn tax revenue package proposals that would curb the ability of non-US insurers to cut tax bills by ceding US premiums to affiliated offshore reinsurers.
  • Laura Pendergest-Holt, the chief investment officer for Stanford Financial Group, has been indicted by a Houston federal grand jury on charges of obstruction of justice and conspiracy to obstruct justice.
  • After a recent surge, shares in Swiss Re took a volatile path last week as reports that the reinsurance giant was looking to undertake an equity issue at SFr32 compounded a stockbroker downgrade.
  • Dermot O'Donohoe is set to join Torus on 1 September after resigning as chief underwriting officer of XL Insurance’s global specialty operations and CEO of its London market operations, The Insurance Insider can reveal.
  • Everest Re Group Ltd has become the latest Bermudian to establish a full European underwriting platform with the launch of a EUR200mn Irish subsidiary.
  • Guy Carpenter chairman Britt Newhouse is relocating to London as the reinsurance broker looks to bolster the management structure of its European operations, The Insurance Insider can reveal.
  • Florida's state-backed insurer Citizens Property Insurance Corporation has pulled its reinsurance spend from the private market for 2009 because of the increased cost of cover.
  • Great American Insurance has asked for a judge to decide the outcome of a $15mn claim from a directors' and officers' (D&O) insurance policy that relates to an ongoing dispute with American International Group...
  • UK insurer RSA has raised £500mn of subordinated debt to bolster its financial flexibility ahead of any call on its existing EUR500mn subordinated guaranteed bonds.
  • Troubled US insurer The Hartford Financial Serviced Group has been given a much needed fillip with preliminary approval for a $3.4bn participation in the US Treasury's Capital Purchase Program (CPP).
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