October 2009/4
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As the US non-life industry gathers in Florida for the annual PCI conference, one of the unexpected topics was Markel Corp announcement that the group's president and COO Paul Springman had taken an unexplained leave of absence.
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Xchanging opens US headquarters; RFIB announces divisional restructure; Towergate acquires Hull-based broker; QBE secures rugby sponsorship deal; Moody’s upgrades Markel Syndicate 3000...
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Willis CFO and COO Patrick Regan is leaving the insurance broker to join the world's fifth largest insurance group, Aviva, as CFO.
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A new draft of a bill on regulating credit rating agencies is set to be lodged in the US House of Representatives with key language dropped, according to reports.
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Bermudian Max Capital Group has appointed Adam Mullan as CEO of Max at Lloyd's - the managing agent for Syndicates 1400, 2525 and 2526 - as it looks to build out its Lime Street platform.
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The World Bank is launching a catastrophe bond issuance platform to give governments and other public entities access to international capital markets for natural catastrophe insurance.
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Hartford Financial Services Group will pay $1.3mn to resolve a lawsuit from Connecticut attorney general Richard Blumenthal alleging that a former reinsurance business engaged in illegal price-fixing.
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In the latest chapter of the bid-rigging saga that has haunted Marsh since 2004, the broking giant and American International Group (AIG) have been served with a lawsuit by US commodity producer and distributor Seaboard Corp.
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Luzi Hitz, CEO of European catastrophe information aggregator Perils AG, said the company's plans to provide a European industry-wide loss index will boost capacity in the European insurance-linked securities (ILS) and industry loss warranty (ILW) markets
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Credit rating agencies Moody's and S&P have until the end of the week (30 October) to respond to fraud charges levelled in a far-reaching class action suit accusing them of masking the risks of the collapsed Cheyne SIV.
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London-based Venture capitalist partnership Alpine Risk Services has provided funding to drive the future expansion plans of the UK transactional consultancy and development firm Wildnet.
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Jubilee hires senior ONE Group figure for claims business; RFIB hire Aon Benfield broker as marine director.
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The well-managed run-off of the Illinois-headquartered Kemper Insurance Cos inspired the US P&C legacy industry to acknowledge Barbara Murray as its Run-Off Person of the Year.
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Aon Benfield has moved to strengthen its Benelux division with the appointment of Hans Groot as COO, while adding two new members to its analytics team in the region.
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Expansive independent (re)insurance broker Cooper Gay has acquired the majority shareholding in Florida-based reinsurance broker, Reinsurance.com.ar LLC.
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Rates and premium levels for airlines have continued to increase for risks renewing in October, though brokers are divided as to the extent of the increases achieved.
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The convergence market's uneasy relationship with US liability perils should be rethought, as the prospect of a new era of tort expansion will create opportunities for the sector.
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Lloyd's (re)insurer Brit posted an upbeat Q3 management outlook Friday (23 October), as its reinsurance and UK markets business units achieved strong premium growth to offset declines at its global markets division.
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Channel Re - the failed financial guarantee reinsurer formed in 2004 by RenaissanceRe, Koch Financial Corporation, Partner Re and MBIA - has begun a tender offer to purchase outstanding shares.
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Mirroring the 2009 bounce-back within the global (re)insurance industry, Lloyd's pro forma capital base increased by 13 percent to £16bn in the first half of 2009 and 30 percent year-on-year.
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The International Association of Insurance Supervisors (IAIS) highlighted the important role of insurance "as a means of socio-economic development" at its annual conference in Rio de Janeiro last week.
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AIG's challenge of retaining its key management may have got tougher last week, after the Obama administration's pay tsar Kenneth Feinberg imposed brutal cuts on the salaries of its most senior executives.
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UK regulator the Financial Services Authority (FSA) weighed into the hot political topic of the supervision and regulation of financial institutions deemed "too big to fail" last week.
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As the European reinsurance industry descended upon the sleepy German spa town of Baden Baden yesterday to kick-start the annual reinsurance gathering, several key themes dominated early conversations.