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October 2007/1

  • The trial of three former Independent Insurance executives is drawing to a close in London with the jury expected to start considering its verdict by 21 October, according to the Serious Fraud Office.
  • Failed (re)insurer Goshawk Insurance Holdings PLC has announced post-tax profits for the first half of 2007 of $1.7mn up from the $2.6mn loss it reported for the same period last year.
  • Talbot Underwriting Ltd, the Lloyd’s insurer that was acquired by Bermudian (re)insurer Validus Holdings Ltd in July, has appointed Michael Carpenter as chairman and Rupert Atkin as CEO.
  • Colemont Global Group, the international arm of US wholesaler Colemont Corporation, announced the acquisition of a majority share in a leading Brazilian aviation broker last week.
  • Former HIH director Dominic Fodera, who is serving a two-year jail term for issuing misleading financial statements, has pleaded guilty to a further criminal charge relating to the collapse of the failed (re)insurer.
  • Lloyd's interim results reflected the strong performance of insurers underwriting in the marketplace as well as warnings of widely softening market conditions.
  • The debate last week over whether to end the "unfair advantage" enjoyed by Bermudians using US affiliates over American-domiciled rivals ended in a "stalemate", according to analysts at Morgan Stanley.
  • Catlin Group Ltd has welcomed AM Best's upgrade of the outlook on the London-listed (re)insurer's A rating from negative to stable.
  • Marsh and McLennan Cos (MMC) effectively ruled out the immediate elevation of executive Phil Moyles as the next leader of its broking business, Marsh Inc, with a reshuffle of its senior executives last week.
  • Markel International, part of the stream of Lloyd's insurers opening a Singapore platform, has confirmed former Marsh Asia executive Peter Phillips will head its new office.
  • Bermuda-headquartered Lloyd’s insurer Hiscox Ltd has begun a share buyback scheme after purchasing 839,699 ordinary shares.
  • A class action bid-rigging suit against a number of commercial insurers and brokers has failed to show the industry players were guilty of fraud under federal racketeering statutes or that they violated federal anti-trust laws...