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  • HCC Insurance Holdings has replaced its outstanding share repurchase programme with a new one that provides authorisation to buy back up to $300mn of the company's shares.
  • Federal support for terrorism risk reinsurance must be maintained because the private sector cannot provide a competitive market, the Risk and Insurance Management Society (Rims) has warned
  • The run-off industry's willingness to buy cheap, under-performing live (re)insurers was demonstrated late yesterday (27 August) with news that Enstar Group is to acquire SeaBright Insurance Holdings in a transaction valued at $252mn
  • Standard & Poor's (S&P) has followed AM Best in upgrading the financial strength rating of Validus Re from A- to A
  • Fledgling US private equity-owned alternative risk transfer reinsurance group Southport Re has appointed Jim McNichols as chief actuarial officer.
  • Independent (re)insurance broker BMS today (23 August) announced that Chuck Hewitt has joined its US reinsurance operations as executive vice president and as a member of its US leadership team
  • Novae's well-regarded CFO Oliver Corbett has indicated he intends to leave the London-listed Lloyd's business
  • Hyperion Group's expansive international intermediary Howden Insurance Brokers has unveiled two senior appointments to the energy division
  • Australian insurer IAG reported a 17 percent drop in net profit to A$207mn for the year ending 30 June after it wrote off all the remaining goodwill in its UK business, which includes troubled Lloyd's motor insurer Equity Red Star
  • Suncorp had intended to buy A$300mn more cat cover at the top of its programme for 2012/13, taking the limit out to A$6.1bn, before it struck a deal with Berkshire Hathaway to write a huge 30 percent quota share of its Queensland homeowners' book.