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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.
  • 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.
  • The first set of results since its initial public offering (IPO) on London’s Alternative Investment Market (AIM) are “on track”, Tawa plc has revealed.
  • 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.
  • Bermuda-headquartered Lloyd’s insurer Hiscox Ltd has begun a share buyback scheme after purchasing 839,699 ordinary shares.
  • XL Capital has continued the market trend for returning capital to shareholders after announcing its second share buyback programme this 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.
  • Consistent profitability and predicted favourable returns have prompted rating agency Moody's to upgrade QBE's non-marine liability Limit Syndicate 386 from A- (good) to A (very good).
  • 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...
  • Lloyd's interim results reflected the strong performance of insurers underwriting in the marketplace as well as warnings of widely softening market conditions.
  • 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.