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November 2009/2

  • Spanish competition authority the Comisión Nacional de la Competencia (CNC) has fined local insurers Asefa, Mapfre and Caser as well as leading global reinsurers, Munich Re, Swiss Re and Scor a total of EUR120mn for operating a cartel.
  • Rating agency Fitch said its concerns over reinsurers' ability to tap capital markets following a significant catastrophe have "sufficiently eased" after revising its outlook on the global reinsurance sector from negative to stable.
  • Marketform, the Lloyd’s insurer majority owned by the US firm Great American Insurance Group, is undertaking a significant reshuffle of its executive operations to improve its “corporate governance”.
  • UK insurer Brit has laid out the timetable for its redomicile to the Netherlands in a reorganisation that it is expected will see a new holding company listed on the London Stock Exchange on 21 December.
  • So-called ‘mega-claims’ are now a common occurence in the power (re)insurance market, with almost half of the $9.85bn total loss recorded over the last ten years the result of just 16 claims.
  • The share price of UK-quoted Randall and Quilter (R&Q) had fallen by 15.02 percent to 107.5p at the time of writing in the wake of today’s crucial LMX-related High Court judgment against the run-off management firm.
  • The International Association of Insurance Supervisors (IAIS) highlighted the important role of microinsurance "as a means of socio-economic development" at its annual conference.
  • US insurers Seaton Insurance Co and Stonewall Insurance Co's long-running case against Randall & Quilter (R&Q) founder Ken Randall is approaching appeal.
  • Just under 200 investors, advisors and sponsors gathered in New York for Trading Risk's annual executive briefing last month to discuss market issues.
  • Fairfax Financial Holdings (FFH) has described the shareholder class action suit filed against it over the acquisition of outstanding minority interests in OdysseyRe as a "nuisance suit".
  • Bermudian (re)insurer Mariner's proposed solvent scheme was sanctioned by the Bermudian Supreme Court, the first approval since the Scottish Lion decision.
  • It’s the new buzz term in the industry's lexicon, but is it more than that? The Insurance Insider went all the way to Senegal to find out…