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PwC administers Lehman insolvencies; Lehman Re downgraded
The financial strength rating of the reinsurance arm of Lehman Brothers was downgraded last week ahead of today's announcement (Mon) that the famous Wall Street investment bank had filed for bankruptcy.
15 September 2008
Cat futures trade $3.45mn on Hurricane Ike
The catastrophe futures market traded $3.45mn of notional volume during the development of Hurricane Ike, which made US landfall as a Category 2 hurricane on Saturday (13 September).
15 September 2008
Endurance eyes Lloyd's platform
Establishing a presence at Lloyd's is a possibility for Bermudian (re)insurer Endurance Specialty Holdings Ltd, according to CEO Ken LeStrange.
15 September 2008
Court rules in favour of Lloyd's against former Names
Lloyd's received a boost in its ongoing legal battle with refusenik Names after the High Court granted extended civil restraint orders against them.
15 September 2008
Hardy wins £10mn Japanese mutual book
Lloyd's insurer Hardy Underwriting Bermuda Ltd has begun underwriting a book of mutual business worth around £10mn from Japanese investment bank Fintech Global Inc.
15 September 2008
Fairfax in $72mn bid for Polish reinsurer
Fairfax Financial Holdings Ltd has made a public offer to acquire Polish reinsurer Polskie Towarzystwo Reasekuracji (Polish Re).
15 September 2008
Willis launches wholesaler Faber & Dumas
Willis has confirmed that it will resurrect the Faber & Dumas brand as an umbrella organisation for its group-owned third-party London wholesale brokers, as first revealed by The Insurance Insider.
15 September 2008
Greenberg in $115mn AIG settlement
A group of erstwhile American International Group Inc (AIG) executives including former chairman Maurice "Hank" Greenberg have agreed to pay $115mn to settle a shareholder derivative lawsuit over payments made to the Starr companies.
15 September 2008
Marketform adds property line with new hire
Lloyd's insurer Marketform Group Ltd is continuing its expansion and diversification with the hire of property underwriter Michael James, The Insurance Insider has learned.
15 September 2008
AIG stock plummets to below $9; Buffett now in rescue talks
American International Group's (AIG) share price has fallen a further 30 percent in pre-market trading to below $9 this morning as investors digested the collapse of Lehman Brothers this weekend amid fears that the Federal Reserve may be reluctant to step
15 September 2008
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