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Q2 cat losses top $6bn
After record first quarter large-risk losses of over $6bn, (re)insurers have been hit with second quarter catastrophe losses of at least $6.25bn, the worst for 20 years, The Insurance Insider has learnt...
07 July 2008
Troutman to move into London
Atlanta-based Troutman Sanders is planning a move into the London insurance market following the firm's merger with US insurance boutique Ross Dixon & Bell.
07 July 2008
XL shares slide further on downgrade fears
Shares in XL Capital slumped to below $20 in early July as three of the four major rating agencies warned they may downgrade the Bermudian (re)insurer as a result of exposure to doomed bond insurer Security Capital Assurance (SCA).
07 July 2008
IAG drives towards UK overhaul
Insurance Australia Group (IAG) will announce a major restructure on 9 July that is likely to see large chunks of its UK operations put up for sale.
07 July 2008
SGC case referred to fraud squad
The bond fraud case successfully brought by Markel International and QBE against executives of Surety Guarantee Consultants Ltd (SGC) and a former Templeton Insurance director has been referred to the City of London fraud squad.
07 July 2008
Chicago neighbours could become good friends
Speculation over a tie-up between Chicago neighbours Aon Corp and Arthur J. Gallagher & Co has been rife since Willis threw down the M&A gauntlet with its proposed $2.1bn acquisition of US retail broker Hilb Rogal & Hobbs.
07 July 2008
Energy sapped by Q2 Apache loss
The energy market, which saw the arrival of new capacity in the form of Ironshore-backed Anemos in May and First Reserve-backed Torus last month, is reeling following a depressing second quarter claims experience.
07 July 2008
ILW prices leap
Pricing and trading in the industry loss warranty (ILW) market has boomed with the start of the US wind season in June.
07 July 2008
Novae in run-off sale talks
Novae Group is in talks with the Bermudian run-off firm Catalina Holdings and the Soros-backed Lloyd's reinsurer RITC Syndicate Management about acquiring the firm's legacy liabilities.
07 July 2008
Lloyd's moots introduction of levy for US P&C underwriters
Lloyd's is considering charging North American property & casualty underwriters a levy to retain four loss adjusters throughout the hurricane season, The Insurance Insider has learnt.
07 July 2008
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