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May 2010/4

  • The global specialty (re)insurance world is a bit like the clientele of a large and successful dating agency. Everyone pays their dues and keeps their profile up to date, but there does not always seem to be a lot of action going on for the members.
  • As the Prudential board seeks to secure shareholder support for the £14.5bn rights issue it needs to fund its takeover of American International Assurance (AIA), the company's three most senior directors have said they will take up their full allocation of rights to acquire new shares.
  • Florida's cat fund would be able to absorb a $17.2bn, or one-in-21 year storm, before having to raise funds through post-event bonding, according to its advisers Raymond James & Associates (RJA).
  • Non-US (re)insurers that operate in the US market look set to benefit from reduced collateral requirements after Senator Dodd's financial reform bill passed the Senate.
  • Standard & Poor's (S&P) has offered a vote of confidence to Hannover Re CEO Ulrich Wallin as he moves towards the end of his first year in the job by removing the company from negative watch.
  • KPMG has been appointed administrator for Lloyd's broker FirstCity's legacy book, following the sale of its active insurance business in early April to AJ Gallagher.
  • Grant Thornton, the administrators to distressed Irish insurance group Quinn Insurance, are keen to minimise job losses by selling the insurer to a buyer that does not have an existing Irish platform.
  • Bermudian Flagstone Re is unlikely to expand aggressively in 2010 after it announced the departure of its founding chairman Mark Byrne and the addition of $50mn to its share buyback programme.
  • Lloyd's reinsurance broker Walsham Brothers & Co is up for sale, with London-based corporate financial advisers Lexicon Partners managing the tender process, The Insurance Insider can reveal.
  • Marsh's wholesale division, Bowring Marsh, has opened an office in Tokyo as part of its plans to expand in Asia in 2010.
  • The new UK chancellor George Osborne has hinted that the coalition government would not dampen the Conservatives' commitment to scrutinise a tax policy paper prepared by The Insurance Insider's London 100 group.
  • Lloyd's (re)insurer Kiln has reported catastrophe losses of almost £50mn in the first four months of the year, as the start of the Atlantic hurricane season looms.
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