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October 2007/5

  • Reinsurance broker Guy Carpenter & Co has announced that it has changed the name of MMC Securities to GC Securities and has expanded its investment banking capabilities in Europe.
  • Reinsurance broker Guy Carpenter & Co has announced two key appointments to its facultative team as it continues to rebuild following a number of senior defections to Integro earlier this year.
  • New market entrants are "critical to maintaining the attractiveness of the Lloyd’s market", according to the Society's Franchise Performance director, Rolf Tolle.
  • As predicted by The Insurance Insider in July, Liberty Syndicates - one of the largest Lloyd’s (re)insurers - has confirmed the appointment of Nick Metcalf as its new CEO.
  • 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.
  • Broking giant Aon Corp is being sued by a long-term client, Caterpillar Inc on charges of fraud and anti-competitive behaviour.
  • 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.
  • The third annual Rendez-Vous of the Association of Insurance and Reinsurance Run-Off Companies' (AIRROC) last week proved a perfect time to look back at how a number of recent transactions have benefited the sector.
  • Gen Re's victory last week in its dispute with Arch Capital Group over the poaching of a thirty strong facultative team will encourage employers concerned about their intellectual property walking out of the door.
  • 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.
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