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  • London-listed motor insurer Admiral is worth just over £1.5bn less than its current market capitalisation, Investec analyst Kevin Ryan said in a starkly bearish note
  • AM Best has removed Japanese reinsurer Toa Re and its American subsidiary from under review with negative implications and affirmed the company's A+ financial strength rating after it shored up its capital base following Thailand flooding losses
  • Catastrophe risk modelling firm Eqecat estimates that insured losses from several recent earthquakes in Italy - including two tremors on Tuesday (29 May) - may reach EUR300mn-EUR700mn ($375-$875mn)
  • Shares in UK-listed Lloyd's (re)insurer Novae fell almost 7 percent on 29 May as shareholders digested the resignation of Gunther Saacke, the CEO and CUO of its Zurich reinsurance platform, and his number two Willi Schuerch
  • WR Berkley has received approval from Lloyd's and the Financial Services Authority to establish a managing agent on 1 June, three years after Syndicate 1967 began underwriting at Lloyd's
  • Law firm Dewey & LeBoeuf has ended weeks of speculation about its future by filing for Chapter 11 bankruptcy in the US and placing its separate UK-incorporated entity into administration
  • Florida's Citizens Property Insurance Corporation has successfully placed its $500mn traditional open market reinsurance cover and is close to completing a further $250mn private reinsurance layer, The Insurance Insider understands.
  • Listed Lloyd's (re)insurer Novae has been dealt a setback with the resignation of the CEO and CUO of its dedicated Zurich reinsurance platform Gunther Saacke and his number two Willi Schuerch.
  • The New Zealand Earthquake Commission (EQC) has placed a firm order for an enlarged NZ$1.5bn top layer that was first revealed in this publication with a rate increase of 117 percent, The Insurance Insider understands
  • The dispute at the heart of the potential building of a new high-volume low-value claims processing service (VCS) for the Lloyd's market appears to have found a compromise solution that would see top percentile performers allowed to opt of using the facility but less efficient market practitioners mandated to use the service, The Insurance Insider understands.