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November 2007/1

  • Run-off insurer Highlands Insurance Company (UK) Ltd became the first UK insurance firm to become insolvent in three years after it went into insolvent administration at the High Court on 1 November.
  • London market reinsurers led by Allianz have had their appeal dismissed against the striking out of significant parts of their defence in the controversial EUR44.3mn dispute with the North Korean national insurer.
  • Investors reacted positively to Aon's news last week that it is to impose a fresh restructuring that will lead to the loss of 2,700 jobs, the equivalent of 6 percent of its global workforce.
  • US insurer Liberty Mutual Group has boosted its asbestos reserves by $67mn post-tax following the completion of a "comprehensive ground-up study", it revealed in its third quarter results.
  • Despite a general weakness in bancassurance business, Italian insurance giant Assicurazioni Generali has shown "solid" progress in its year on year nine month results.
  • "Class of 2005" insurer Lancashire Holdings Ltd said the third quarter had been its "best yet" with net income of $105.2mn up 100 percent from $52.6mn in the prior-year period.
  • Cullum Capital Ventures (CCV), part of the Towergate group, recruited two teams from troubled property services group Erinaceous last month.
  • Bermudian-headquartered (re)insurer, AXIS Capital Holdings Ltd, reported a 19 percent increase in operating income for the third quarter of 2007, capping eight straight quarters of "record profitability", according to its president and CEO, John Charman.
  • Swiss Re, which reports its third quarter figures tomorrow (6 November) is expected to generate net attributable earnings of SFr1.01bn and pre-tax profits of SFr1.35bn - down from SFr1.55bn and SFr2.07bn respectively in the prior-year period...
  • FTSE 100 companies are reporting risk above and beyond what the UK's regulatory regime requires, according to research undertaken by broking giant Marsh Ltd.
  • Reinsurance broker Guy Carpenter is developing five different trading indices with the first European index looking to go live as early as six months time.
  • Validus Holdings-owned Talbot Underwriting has become the latest Lloyd's insurer to launch an Asian venture through the Corporation's Singapore platform.
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