November 2009/5
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Bermuda is once again consumed with talk of consolidation among the class of 2005 reinsurers, as the market heads into a pricing downturn after a bumper cat-free year, The Insurance Insider reports from Hamilton.
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The US House Financial Services Committee has approved a bill to set up a federal government office monitoring the insurance industry for the first time.
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Perils AG, established this year to aggregate and provide industry-wide European catastrophe insurance data, haslaunched its industry loss index service for European windstorm events.
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UK run-off manager Randall and Quilter (R&Q) has received regulatory approval from the Financial Services Authority for its acquisition of RK Carvill’s broking portfolio.
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Insurance simply does not present the same systemic risks as banking, so regulators should not treat the two sectors in the same way, the chief economist of Swiss Re today told an industry forum in London.
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The UK High Court yesterday (November 30) granted the English and American Underwriting (EAUA) Pools leave to convene meetings of creditors, The Insurance Insider understands.
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American International Group (AIG) has closed a debt-for-equity swap with the Federal Reserve Bank of New York that will slash its government debt by $25bn, in return for a stake in its two life insurance units, which will eventually be spun off from the group.
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Jardine Lloyd Thompson (JLT) has delivered on ambitions to expand its presence in the employee benefits arena with a £27.5mn cash purchase of HSBC Actuaries and Consultants (HACL).
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Max Capital promotes Kalainoff; Liberty hires former Ace legal counsel; Liberty appoints London casualty manager; Torus adds dedicated US property claims service with new hire; New CFO for Argo
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Cooper Gay expands in US with Atlanta opening; State Farm appeals Texan fine
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Investment analysts are concerned about the quality of financial reporting from the insurance sector, which they believe is under-valuing major companies.
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Run-off specialists have warned that a UK bill on the rights of third parties claiming against insolvent insurers places further administrative burdens on the industry.
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