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  • German giant Allianz has become the first insurer to transfer flood risk to the capital markets with a $150mn cat bond issued by Cayman Island’s special purpose vehicle Blue Wings Ltd.
  • Broker Lonmar Global Risks has reached a cash settlement with fellow London independent Tysers for court costs arising from a 12-day staff poaching trial that ended with all of its claims being dismissed
  • Shares in Lloyd’s (re)insurer Beazley Group plc rose by around 6 percent this morning (30 July) as it reported a doubling of profits in the first half of 2007 on the back of income growth, low claims and rising investment income.
  • Shares in Lloyd’s (re)insurer Beazley Group plc rose by almost 6 percent this morning (30 July) as it reported a doubling of profits in the first half of 2007 on the back of income growth, low claims and rising investment income.
  • The UK insurance industry defied the downturn in net exports that hit other areas of the financial services industry in 2009, adding £8.3bn to the balance of trade.
  • Specialist Lloyd’s underwriter Marketform has made a commitment to a cleaner environment and carbon neutrality by joining ECX Associate Membership Ltd. ECX, which is chaired by former Brit Insurance chief executive Neil Eckert, provides advice to compa
  • Bermudian reinsurer Validus has beaten Wall Street estimates by posting net income of $124mn in the first quarter of the year as its core underwriting performance and reserve releases outpaced expectations.
  • Scor has revealed that it achieved a weighted average rate increase of 7 percent on the EUR328mn of premium that it renewed at 1 April.
  • Bermudian (re)insurance group White Mountains saw its Q3 income swing into the black, as the investment markdowns seen during the same quarter of 2008 were dramatically reversed, with loss costs reduced markedly.
  • Willis Group estimates that directors’ and officers’ (D&O) losses as a result of claims relating to the credit crunch and sub-prime will total $5.9bn, with $5.3bn of that attributable to settlement and defence costs.