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November 2007/5

  • Tawa plc, the UK quoted run-off consolidator controlled by French billionaire Francois Pinault, has launched Tawa Consulting Ltd, which will take on consulting and advisory operations.
  • Aon Re Global Fac is to launch a dedicated residual value insurance division.
  • London-based electronic trading platform Ri3K is streamlining charges for its services in response to "market criticisms" over the firm's pricing structure.
  • Lloyd's insurers Beazley Group plc and Hiscox Ltd disclosed moderate share buybacks last week, continuing the trend in the (re)insurance sector for the repatriation of capital to shareholders.
  • Non-life insurers should escape the global credit crunch but not contagion from a possible economic stagnation or recession, according to research from Morgan Stanley.
  • Administrators of loss-hit Kamp Re 2005, Zurich Financial Services' (ZFS) catastrophe bond, have extended the original maturity date by a month, to 14 January 2008, pending a final determination of the loss amounts.
  • Underwriting discipline, capital management and improved prior-year syndicate forecasts were the dominant themes as Lloyd's (re)insurers reported trading updates last week.
  • Caribbean firm Sagicor Financial Corporation - which acquired Lloyd's insurer Gerling at Lloyd's and its Syndicate 1206 earlier this year - has announced a profit of Bd$136.7mn for the first nine months of the year...
  • Brit Insurance Holdings PLC has renewed its binding authority agreement with Augsburg Re.
  • For the second time this year wildfires have forced thousands of Californians to evacuate their homes.
  • Directors' and officers' (D&O) rates are predicted to fall by a further 10 percent in the final quarter of the year, according to a survey by broker Willis Group.
  • Fitch Ratings has upgraded the insurer financial strength ratings of UK insurer Aviva plc's non-life firms to AA.