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  • Expansive insurer WR Berkley Insurance (Europe), Limited (WRB Europe) has announced that it has completed the acquisition of Irish Professional Risks Ltd, to form WR Berkley Insurance Ireland.
  • The upstream energy market is experiencing rate hardening across all geographic areas and coverage lines, according to the latest analysis from wholesale broker Lloyd & Partners, which suggests that proportional reinsurance will also benefit in 2009...
  • A study from global reinsurer Munich Re has placed 2008 as the third worst year on record for economic losses from natural catastrophes (nat cat).
  • US property & casualty (P&C) insurers saw net income for the first three quarters of 2008 fall by 85 percent to $7.3bn, with an underwriting loss of $10.9bn, according to a report by rating agency AM Best.
  • Three Japanese non-life insurers Aioi Insurance, Mitsui Sumitomo, and Nissay Dowa are in talks to create Japan’s largest non-life insurer, according to a report from Bloomberg citing two sources close to the situation.
  • American International Group (AIG) and the Federal Reserve Bank of New York (FRBNY) have bought an additional $16bn of multi-sector collateralised debt obligations (multi-sector CDOs) on which AIG’s financial products subsidiary wrote credit default swaps
  • Bermudian reinsurer Starr Insurance & Reinsurance Limited (SIRL), a subsidiary of Starr International Company, Inc has been assigned a stable financial strength rating of A by AM Best
  • Former American International Group Inc. (AIG) CEO Hank Greenberg, described the firm as “Bleeding people and business” in an interview with CNBC.
  • London-based aviation pool Global Aerospace Underwriting Management (GAUM)’s US unit Global Aerospace Inc leads the cover on the Continental Airlines jet which was destroyed as it crashed during take-off on 20 December, The Insurance Insider can confirm.
  • The Hartford Financial Services Group, has had the A+ financial strength ratings of its subsidiaries removed from review with negative implications and affirmed by AM Best, albeit with a negative outlook.