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November 2010/2

  • Run-off consolidators face tough challenges in finding growth opportunities as the low interest-rate environment continues, the legal head of consolidator Tawa Management told AIRROC delegates in New Jersey.
  • Legacy (re)insurer Grafton completed a transfer for UK supermarket firm WM Morrison's captive run-off liabilities understood to be in the "tens of millions".
  • Legacy (re)insurers whose traditional sources of revenue are drying up while liabilities shrink in the UK are looking further afield, run-off industry rainmakers heard last month in New Jersey.
  • Legacy specialist RiverStone is set to reinsure-to-close the open years of Syndicate 376, one of the largest remaining syndicates in run-off in the Lloyd's market, The Insurance Insider can reveal.
  • The Florida regulator has continued to ease barriers to foreign reinsurers, with the Bermuda operation of Lloyd's (re)insurer Hiscox the latest to secure a cut in its collateral requirements to 20 percent.
  • Ron Sandler rejected approaches from Lloyd's to take over from Lord Levene of Portsoken before events at nationalised UK bank Northern Rock effectively removed him from the running.
  • Ri3K's founding CEO Alex Letts has stepped down upon the firm's sale to fellow (re)insurance technology platform Qatarlyst.
  • US P&C rates continue to fall in soft market; Berkshire lukewarm on cat; Ambac files for Chapter 11; QBE underwriting chief; Marine follows Bender
  • Reinsurers weigh up UK motor quota share; QBE reinsurance rejig; Pensions shadow Miller; Lancashire picks Whelan; Russia with Lloyd's
  • Two senior broking executives have left Cooper Gay and Colemont Global Group as the organisations readjust following their mergers with US-based wholesale brokers.
  • Aon's out-of-court settlement of its "laptop in the pond" poaching dispute with Marsh ended the prospect of another acrimonious and protracted legal wrangle
  • London market brokers Tysers and Lonmar Global Risks are counting the days until a UK court verdict on a £2.5mn poaching case.
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