November 2007/4
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US broker USI Holdings Corporation has unveiled Michael Sicard as the successor to David Eslick as its chairman, president and CEO.
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The Companies Act 2006, which is currently in its implementation phase, paves the way for UK shareholders to bring "US-style" derivative actions against directors and officers for breaches of duty.
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Steve Taylor, business development officer for Gallagher Re, is leaving the reinsurance broker to join one of its clients, WR Berkley Corporation.
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The US Senate passed a seven-year extension to the Terrorism Risk Insurance Act (TRIA) last Friday (16 November).
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Quoted Lloyd's insurers Amlin plc and Beazley plc continued the market trend for share buybacks after announcing the repurchase of shares totalling £150mn last week.
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Catlin Group COO, Paul Jardine, has called on insurers to be "very wary" of repatriating capital to shareholders in the current market environment, as the sub-prime debacle may hamper future attempts at capital raising.
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Swiss Re shares slumped over 10 percent today after the reinsurer announced a SFr1.2bn (£524mn) hit – SFr981mn after tax – on two credit default swaps linked to mortgage backed securities.
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Lloyds TSB Corporate Markets has hired former Citigroup executive Stephen Winningham as global head of its Financial Institutions relationship banking division.
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Bermudian insurer Lancashire Holdings Limited has announced the appointment of Jens Juul and Simon Burton to its board of directors.
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UK life insurer Pearl Assurance has emerged as the strongest bidder in the takeover struggle for UK life funds consolidator Resolution plc, after raising its cash offer to 720p per share.
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Ratings agency Moody's Investor Services has warned insurers against "diversification for diversification's sake" in a softening market, stating that global market rates are now "past their peak" and "M&A activity can be challenging".
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The critical Court of Appeal verdict that upheld the Summary Judgement, which struck out large parts of the defence of London market reinsurers led by Allianz in a case brought by the North Korean national insurer...
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