October 2007/6
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The four-month trial of three former Independent Insurance Group plc (IIG) executives ended with a successful conviction for the Serious Fraud Office (SFO) and a total of 14 years in jail sentences last week.
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Bermudian (re)insurer XL Capital dismissed rumours of significant sub-prime related losses in its financial and professional lines portfolio last week, stating that indeed the crisis provided "an attractive opportunity" for the class.
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Stock in US (re)insurance giant, American International Group Inc (AIG) plummeted by nearly 10 percent in a day on Thursday (25 October), as worries about its exposure to the sub-prime mortgage market mounted.
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Bank of Ireland Life has securitised EUR400mn of value-in-force (VIF) life insurance policies in the first rated European VIF transaction for almost three years, according to ratings agency Standard & Poor's (S&P).
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German insurance giant Allianz SE is expected to launch a new issue of European peril catastrophe bonds through a newly created vehicle, Blue Fin Ltd, Insider Week understands.
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The threat of "economic populism" is one of the greatest challenges facing the US insurance industry, according to Property Casualty Insurers Association of America's (PCI) president and CEO David Sampson.
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Advent, the quoted EC3 reinsurer, has said it is exposed to a potential small loss from Lloyd's decision to invest in Mainsail II, the stricken structured investment vehicle (SIV).
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Despite a drop in gross written premiums for the third quarter of 2007, US commercial lines insurer WR Berkley reported net income of $180mn or 93 cents per share, buoyed by a...
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UK flood losses of $11.4mn during the third quarter failed to dampen Bermudian firm Montpelier Re's net income of $101.3mn, up from $83.4mn in the prior-year period.
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It may have been another benign year for US hurricanes, but IPCRe's international book means it has inevitably taken a number of hefty non-US catastrophe losses, not least from the UK summer floods.
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Early-reporting (re)insurers and brokers posted a healthy set of third quarter results last week, reflecting a quiet US catastrophe year to date and boosted by increased retention rates and reserve releases, according to William Wilt, analyst at Morgan St
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Deccan Value Advisors LP, the hedge fund which specialises in buying firms that look under-priced, has continued to build its stake in the UK quoted reinsurance intermediary, Benfield Group.
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