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QBE successor leaves as Australian business restructures
Vince McLenaghan, widely regarded as a potential successor to QBE boss Frank O'Halloran, stepped down today amidst a restructuring of the group's Australian and Asia Pacific businesses.
21 July 2011
Willis fined £6.9mn by FSA for anti-bribery failings
Willis has become the second major broker to be hit with a heavy fine by UK regulator the Financial Services Authority following major failings in the control of suspicious payments to third parties.
21 July 2011
Munich Re America: US property cat prices up 10%
Nat cat risks in Munich Re America's portfolio priced up 10 percent in the June and July renewals, investors and analysts were told at the reinsurer's capital markets day in New York on Wednesday (20 June)
21 July 2011
Suncorp NZII loss grows by A$500mn to A$2.1bn
Suncorp's loss notification for the second Christchurch earthquake has grown by A$500mn to A$2.1bn in the first half of July, The Insurance Insider has learned.
21 July 2011
US property insurance rates rise up to 15% on cat-exposed accounts
With a broad consensus that prices hardened at mid-year US property cat reinsurance renewals, there is also growing evidence of rate rises on underlying primary property business in the world's biggest insurance market.
21 July 2011
Tokio Millenium to build professional lines book with O’Flynn hire
Tokio Millenium Re has bolstered its ranks by taking Stephen O'Flynn from Allied World to build the Bermudian reinsurer's professional lines portfolio of business.
20 July 2011
Glacier to recoup Ike losses from cat bond
Glacier Re, the Swiss-based reinsurer currently in run-off, could reclaim $27mn from a cat bond it sponsored in 2008 to help pay $175mn estimated net losses from 2008's Hurricane Ike.
20 July 2011
Hardy to pull out of high net worth business
Lloyd's underwriter Hardy will cease writing high net worth insurance from 2012, just three underwriting years after it set up a team to target clients with large personal wealth, The Insurance Insider can reveal.
20 July 2011
Validus urges Transatlantic shareholders to reject TransAllied proposal
Validus has urged Transatlantic shareholders to vote against the merger agreement with Allied World, as it prepares to enter into discussions over its rival bid for the US reinsurer.
20 July 2011
NZ local government insurer downgraded
New Zealand local government insurer Civic Assurance has been downgraded by ratings agency AM Best after the Christchurch earthquakes stressed the company's capital base.
20 July 2011
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