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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.
  • Lloyd's (re)insurers Brit and Amlin impressed with strong figures in interim management statements last week, supporting strong top line growth with bullish comments on pricing.
  • Lancashire Holdings saw its first quarter revenues fall sharply as it said it was holding back capacity to take advantage of "improving opportunities".
  • 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.
  • After a delayed entry to the power station insurance market, Sciemus had an active Q1 which saw it begin incepting risks through its managing general agency (MGA) on Inter Hannover paper.
  • Following private equity firm Pamplona Capital Management's announcement last week that it would like to acquire a 29.9 percent stake in Lloyd’s insurer Chaucer Holdings, all eyes are on Brit Insurance...
  • Everest Re Group Ltd has become the latest Bermudian to establish a full European underwriting platform with the launch of a EUR200mn Irish subsidiary.
  • Validus Holdings has raised the stakes in its battle with Max Capital to acquire fellow Bermudian IPC Holdings by introducing a modest cash component of $3 a share to its offer.
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