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October 2007/5

  • Thousands of jobs are under threat at UK household insurer Norwich Union after its parent, Aviva, announced £350mn of cost savings in the UK by the end of 2009.
  • Munich Re has launched a $260mn cat bond to cover earthquake risk for the East Japan Railway Company (EJRC) in a sign that insurance linked securities (ILS) demand remains undiminished by recent credit markets turmoil.
  • The House of Lords upheld a Court of Appeal decision last week, ruling that employers are not liable to compensate employees who develop symptomless pleural plaques after exposure to asbestos.
  • One of the UK's leading fund managers, Standard Life Investments Ltd has acquired 29 million shares in Lloyd's insurer Chaucer Holdings plc, representing 9 percent of the voting rights in the company.
  • Airline premium rates fell again this month - after a brief hiatus in August/September - according to the latest data from Aon Aviation.
  • After decades of lobbying from the international (re)insurance community, one US state is spearheading new regulation that would remove collateral requirements for the highest rated foreign and non-New York reinsurers.
  • The London market has missed its 60 percent third quarter target for usage of electronic claims files (ECF) by 15 percentage points, making the year-end target of 100 percent "more challenging", said the Market Reform Group (MRG) in a statement last week.
  • David Stevens, COO of UK niche-branded insurer Admiral Group plc, has purchased £1.9mn of shares in the company, taking the director's shareholding in Admiral to 3.84 percent.
  • US insurance giant The Chubb Corporation has received approval from the Chinese authorities to turn its Federal Insurance Company from a Shanghai branch to a wholly owned insurance subsidiary.
  • Bancassurance is gaining in popularity particularly in emerging markets, according to research by Swiss Re.
  • UK (re)insurance giant Royal & Sun Alliance (R&SA) has announced that it is to acquire Canadian property casualty insurer Canadian Northern Shield Insurance Company (CNS), in a C$75mn (£37mn) cash deal.
  • Yorkshire-based consolidator Broker Network Group has received a takeover approach which "may or may not lead to an offer being made for the company", according to a recent London Stock Exchange announcement.