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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Giant reinsurer Swiss Re has signed an agreement to acquire some of UK life funds consolidator Resolution plc's life books from Standard Life plc for £2.35bn as it continues to build its Admin Re brand.
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The southern California wildfires, which have been raging across the region since 21 October, look set to cost (re)insurers between $900mn and $1.6bn in insured losses, according to the latest estimates from catastrophe modelling firm Risk Management Solu
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Lloyd's broker Oxygen has announced the formation of a new specialist team in partnership with CRS Yachts Ltd, an insurance broking team servicing the superyacht industry.
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Insurance specialists Edwards Angell Palmer & Dodge LLP (EAPD) and London-based Kendall Freeman are understood to be considering a merger, Insider Week understands.
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An Australian court has been told of the culture of "bravado and extravagance" at failed Australian insurance company HIH.
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HSBC Insurance has launched a Dublin-based reinsurer to accept risks from the parent company's banking customers.
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Beaufort Underwriting Agency Ltd has become the latest Lloyd's insurer to be acquired this year as interest in Lime Street continues unabated.
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Willis Group Holdings improved both its top and bottom lines in its third quarter results, which were published last week.
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John Charman will stay on as CEO and president of AXIS Capital Holdings Ltd for at least a further year after the Bermudian (re)insurer extended his contract to 31 December 2009.
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German giant Hannover Re has established a new life reinsurance subsidiary in Bermuda, the firm announced last week.
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Ark Syndicate Management, the private equity backed Lloyd's insurer formed in March from a team of senior underwriters who resigned from Aspen Insurance Holdings last year...
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Brian O'Hara, president and CEO of Bermudian (re)insurer XL Capital announced last week that he will retire from the post in mid-2008, drawing the current chairman...
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