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  • Channel Re - the failed financial guarantee reinsurer formed in 2004 by RenaissanceRe, Koch Financial Corporation, Partner Re and MBIA - has begun a tender offer to purchase outstanding shares.
  • Mirroring the 2009 bounce-back within the global (re)insurance industry, Lloyd's pro forma capital base increased by 13 percent to £16bn in the first half of 2009 and 30 percent year-on-year.
  • UK regulator the Financial Services Authority (FSA) weighed into the hot political topic of the supervision and regulation of financial institutions deemed "too big to fail" last week.
  • Swiss Re said it is "very well positioned" to enter January 2010 renewal discussions, but will focus on quality instead of quantity as it faces up to the pricing problems in key European markets.
  • In a reversal of normal industry practice, the European Court of Justice (ECJ) ruled last week (22 October) that VAT is now liable on the cross-border sale of portfolios of reinsurance business
  • Jubilee hires senior ONE Group figure for claims business; RFIB hire Aon Benfield broker as marine director.
  • Rates and premium levels for airlines have continued to increase for risks renewing in October, though brokers are divided as to the extent of the increases achieved.
  • Canadian combine Fairfax Financial Holdings (FFH) now owns 97 percent of Odyssey Re following the expiration of its cash tender offer for the remaining shares in its affiliated reinsurer.
  • Bermudian Max Capital Group has appointed Adam Mullan as CEO of Max at Lloyd's - the managing agent for Syndicates 1400, 2525 and 2526 - as it looks to build out its Lime Street platform.
  • Amlin-backed dedicated ILS investor Leadenhall Capital Partners has launched two $50mn Irish-based funds.