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October 2007/4

  • “Class of 2005” reinsurer Flagstone Re has been given the green light for its Middle Eastern operation, which will be based in Dubai.
  • The Association of Insurance and Reinsurance Run-Off Companies’ (AIRROC) third annual Rendez-Vous began today (15 October) in New Jersey with a record number of delegates in attendance.
  • Florida’s chief financial officer has proposed giving the state’s governor and cabinet the authority to set the reinsurance levels and pricing of the Florida Hurricane Catastrophe Fund’s optional coverages.
  • The £800mn pledged by the UK’s chancellor of the exchequer Alistair Darling in his pre-budget report has been criticised as insufficient by the insurance industry.
  • The jury in the trial of three former Independent Insurance executives was sent out to consider its verdict on 12 October.
  • Steven Schulman has become the second former Milberg Weiss LLP partner to plead guilty in a long-running federal probe into the making of improper payments to clients in an alleged kickback scheme.
  • The UK’s non-life run-off liabilities decreased 14 percent last year while Lloyd’s open year liabilities were down by more than 30 percent, according to the Association of Run-Off Companies’s (ARC)’s most recent survey.
  • Swiss Re run-off subsidiary, Pro Insurance Solutions Ltd has announced the formation of a US affiliate, PRO US, in a move which highlights the growing interest in the country’s discontinued business sector.
  • Legacy business purchaser Ruxley Ventures has been given the green light to acquire the London branch of Italian giant Generali’s Swiss subsidiary, Generali Assurances Generale (GAG).
  • Ratings agency Standard & Poor’s (S&P) has upgraded French insurer Groupama’s financial strength rating to A+ with stable outlook in response to the group’s increased operating performance, strong brand and its “readiness” to launch an initial public offe
  • Trading on the recently launched Insurance Futures Exchange Services (IFEX) platform saw prices drop dramatically Friday (12 October) on 2007 event-linked futures contracts as traders anticipated a benign end to the hurricane season.
  • The recent surge in war, political violence (WTPV) and terrorism and an explosion of global business expansion, could cost businesses dear if they fail to appreciate the risks they face, a leading Hiscox underwriter in the sector has warned.