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November 2008/2

  • Kevin Kelley has left his position as president and CEO of American International Group (AIG) subsidiary Lexington Insurance Company to take over as CEO of Ironshore Inc.
  • Independent reinsurance broker RK Carvill has announced that it is to cease placing or renewing any new treaty business incepting after 1 April 2009, The Insurance Insider has learned.
  • Omega Insurance Holdings Ltd has become the first quoted Lloyd’s (re)insurer to unveil plans to raise capital to take advantage of the sector’s improved trading prospects.
  • Lloyd’s managing agent RJ Kiln is to open a new Syndicate in 2009 for intra-group reinsurance as part of the Tokio Marine Group, The Insurance Insider can reveal.
  • UK finance ministry, Her Majesty’s Treasury (HMT) has convened a working group of ten top insurance executives to consider key issues facing the issue in the next 10-30 years and shape developments in the market, The Insurance Insider has learned.
  • Lloyd’s insurers writing US business face the challenge of finding additional capital in the New Year to support 2009 underwriting as a result of the dramatic swing in the $/£ exchange rate – even in the absence of expected hardening of rates.
  • Property Claim Services (PCS) has raised its estimate for onshore insured losses from Hurricane Ike by just over 30 percent to $10.655bn.
  • Swiss Re has withdrawn from negotiations with private equity firm CVC Capital Partners over its proposed purchase of Royal Bank of Scotland's (RBS) insurance assets, The Insurance Insider can reveal.
  • Hiscox Ltd, the UK quoted (re)insurance group, is building out its US operations with “10 key appointments” and plans to open four new offices in Lexington, Kansas City, Miami and Los Angeles next year.
  • Lloyd’s (re)insurer Hiscox has parted company with Robert Forness, the CEO-elect of its Bermuda subsidiary, The Insurance Insider has learned.
  • American International Group (AIG) has moved onto the next phase of its revamped US government bail-out with the launch of a vehicle to take on multi-sector collateralised debt obligations (CDOs) underlying...
  • The European Union Council of Economic and Finance Ministers (ECOFIN) has approved a Solvency II directive in which all reference to group support and group supervision has been cut...