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  • Property Claim Services (PCS) has raised its estimate for onshore insured losses from Hurricane Ike by just over 30 percent to $10.655bn.
  • Lloyd’s insurers writing US business face the challenge of finding additional capital in the New Year to support 2009 underwriting as a result of the dramatic swing in the $/£ exchange rate – even in the absence of expected hardening of rates.
  • Lloyd’s (re)insurer Hiscox has parted company with Robert Forness, the CEO-elect of its Bermuda subsidiary, The Insurance Insider has learned.
  • Hiscox Ltd, the UK quoted (re)insurance group, is building out its US operations with “10 key appointments” and plans to open four new offices in Lexington, Kansas City, Miami and Los Angeles next year.
  • Swiss Re has withdrawn from negotiations with private equity firm CVC Capital Partners over its proposed purchase of Royal Bank of Scotland's (RBS) insurance assets, The Insurance Insider can reveal.
  • American International Group (AIG) has moved onto the next phase of its revamped US government bail-out with the launch of a vehicle to take on multi-sector collateralised debt obligations (CDOs) underlying...
  • The European Union Council of Economic and Finance Ministers (ECOFIN) has approved a Solvency II directive in which all reference to group support and group supervision has been cut...
  • French-headquartered reinsurer SCOR has deposited an application request for a composite subsidiary in Russia; a move which cements its life and non-life presence in the region.
  • French Investment bank and private asset manager Natixis has ruled out suitors AXA, Covea and Groupama as potential buyers of its insurance division, Natixis Assurances, because their price tag was too low, according to reports in the French media.
  • Bermudian (re)insurer ACE Ltd has launched a Swiss-based insurance company, ACE Insurance (Switzerland) Ltd, to write (re)insurance business for ACE Europe’s Zurich branch established in 2003.