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  • Warren Buffett rode to the rescue of reinsurance giant Swiss Re for the second time in a little over a year in a move that displayed his unquenchable thirst for distressed opportunities.
  • January has continued to be a record month for derivatives trading platform Insurance Futures Exchange Services (IFEX), with a further 701 lots, or $7,010,000 of (re)insurance limit, traded last week.
  • Despite paying over $1bn in settlements and foregoing contingent commissions, the post-Spitzer picture is still not “rosy” for the big three brokers, according to a report by ratings agency Standard & Poor’s (S&P).
  • Despite signs earlier in the year that demand was drying up for the vehicles, a new model of sidecar is emerging, with the recent launch of Mont Gele Re and Emerson Re.
  • Aon Corp unveiled a significant restructuring of its senior international management last week which saw the veteran London head Dennis Mahoney relocate to Bermuda.
  • Start-up Bermudian reinsurance fund CATCo has signed up two executives from the Qatar Insurance Company to its board.
  • Munich Re led the innovative $110mn reinsurance programme for the World Bank-sponsored Caribbean Catastrophe Risk Insurance Facility (CCRIF), which went on risk for 16 countries in the region on 1 June.
  • Although reinsurance rates have continued to soften, the evidence at mid-year renewals is that the downward trend is not uniform, according to world’s second largest broker Aon.
  • By John Helmer in Washington
  • Lloyd’s insurer Novae Group has pulled out of merger discussions with rival Chaucer Holdings.