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  • The insurance-linked securities (ILS) market proved its flexibility in the year to June 2011 with sidecar and industry loss warranty business expanding as public catastrophe bond issuance shrank, broker Aon Benfield Securities said in its annual report on the sector.
  • Global insurer Swiss Re has urged governments to make greater use of the skills and capacity of the global (re)insurance market and warned against the state participating in the provision of non-life insurance for natural catastrophe hazards.
  • Howden Broking Group, the expansive broking arm of international (re)insurance intermediary and MGA combine Hyperion, has announced the opening of a new wholesale and retail operation in Bermuda.
  • Lloyd's (re)insurer Advent has appointed Jim Migliorini as its new chief executive
  • Lloyd's takeover target Omega widened its loss for the first half of 2011 to $49.1mn from $34.2mn last year, as it confirmed yesterday's revelation by The Insurance Insider that it is pulling back on its Bermudian business
  • Modelling firm Eqecat estimates that Hurricane Irene caused insured losses of $1.5bn to $2.8bn in the US - well below AIR Worldwide's $3bn to 6bn estimate
  • Embattled Lloyd's (re)insurer Omega Insurance Holdings is set to halt underwriting third-party business from its Bermuda-based Omega Specialty operation, The Insurance Insider understands.It is also understood that the company has parted company with its Bermuda-based CUO Andrew Stapleton and underwriter Mark Kinseley.
  • Willis Capital Markets & Advisory managing director Bill Dubinsky estimated trading on the secondary cat bond market reached about $100mn in volume last week as Hurricane Irene bore down on the US, on top of the livecat activity.
  • The Federal Deposit Insurance Company has filed a lawsuit against the former directors and management of failed bank Silverton and its insurers.
  • Expansive run-off acquirer Catalina has bought a US home warranty company that has businesses in Colorado and Hawaii with combined assets of $168.4mn.