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November 2007/2

  • Heritage Underwriting Agency plc, the specialist Lloyd’s insurer, has admitted receiving an "indicative proposal" but says the "the price contained within the proposal significantly undervalues the company".
  • Hardy Underwriting Group (HUG) plc has confirmed its intentions to become the latest Lloyd’s insurer to redomicile to Bermuda.
  • John Hurrell has been appointed CEO of the Association of Insurance and Risk Managers (AIRMIC) after a prolonged search following the departure of David Gamble this summer.
  • UK (re)insurer Brit Insurance Holdings plc has invested in Norton Re II, a $118.2mn Bermuda-based sidecar-style vehicle launched to replace the original $107.7mn Norton Re which expires this year.
  • (Re)insurance broker Lockton has continued the increasingly popular trend for building Fac reinsurance business after launching a property division dedicated to the sector.
  • Marsh Inc has completed its search for a new chief executive with the appointment of Daniel Glaser.
  • Specialist broker THB Group plc has entered into talks with PWS Holdings over the acquisition of PWS’ Lloyd’s broking business and overseas interests.
  • Ping An Insurance, China's second largest life insurer, has bought 4.18 percent of Benelux financial services group Fortis, at a cost of EUR1.81bn.
  • Powerful consolidators are forcing insurers to "fundamentally re-examine their operating models" as they tighten their grip on the commercial SME market, according to the latest research.
  • Catlin Group Ltd expects to take a $75mn charge against the value of sub-prime-related securities in its investment portfolio, the (re)insurer revealed in a trading statement this morning (28 November).
  • Groupama SA is expected to be the next European insurer to launch a cat bond with its proposed securitisation of EUR200mn of French windstorm risk.
  • UK mega consolidator, Towergate Partnership has agreed a £95mn cash offer for Yorkshire-based Broker Network Group today (27 November).
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