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October 2007/1

  • 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.
  • 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...
  • 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).
  • Lloyd's interim results reflected the strong performance of insurers underwriting in the marketplace as well as warnings of widely softening market conditions.
  • Lloyd's has continued its recruitment drive to push process reform with the hiring of Anne Rannie from UK (re)insurer Hiscox Ltd.
  • The proposed Schemes for the 14 WFUM Pools Scheme Companies was sanctioned by the UK High Court on 17 September.
  • Run-off insurer Alea Group Holdings has received a one-time payment of $203.6mn to "fully and finally" commute all exposures with its Bermudian neighbour Max Capital.
  • The recent credit crunch is unlikely to dampen insurance linked securities (ILS) investor appetite, according to Standard & Poor's (S&P), as it highlighted increased trading in the secondary market for cat bonds.
  • 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.
  • The European Commission (EC) may call for an end to the practice of contingent commissions in its long-awaited final report into business insurance.
  • 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.
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