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  • 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.
  • American International Group (AIG) has slashed senior executive remuneration as a gesture to its new US political paymasters and in an attempt to speed the group to recovery, with CEO Ed Liddy earning a $1 salary for 2008-2009.
  • The audacious hijacking of the Saudi super tanker Sirius Star 400 nautical miles off the coast of Kenya last month upped the ante for piracy in the region and is causing hull, cargo and P&I underwriters to look closely at policy wordings, a senior marine
  • Ratings agency Standard & Poor’s (S&P) has upgraded Hiscox Group’s UK non-life insurance subsidiary Hiscox Insurance Co Ltd to A with a stable outlook, on the back of strong operating performance.
  • International insurer AXA felt the strain of difficult global equity markets last week as it was forced to abandon its ‘Ambition 2012’ long-term growth target aimed at trebling underlying earnings per share between 2004 and 2012.
  • Aviation pool Global Aerospace Underwriting Management (GAUM) leads the $47mn hull cover for the Air New Zealand-owned Airbus A320 that crashed on 27 November in Perpignan, The Insurance Insider understands.
  • London market broker Howden, a subsidiary of private-equity backed Hyperion Insurance Group, agreed the transfer of Benfield Corporate Risk’s (BCR) John Plummer-led US wholesale property and casualty team, as predicted by The Insurance Insider.
  • Australian (re)insurance group QBE is raising almost $1.4bn to fund an ambitious expansion drive which will see it purchase US underwriting agency ZCS for $575mn, continuing its recent US growth.
  • Patrick Holcroft, the chief executive of private equity backed London market broker RFIB Group, is to step down, The Insurance Insider can reveal.