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  • The US tax authority the Internal Revenue Service has reiterated its position on the cascading federal excise taxes (FET) that will apply to foreign (re)insurers on when the deal involves an underlying US risk.
  • After more than doubling net written premium and more than trebling after-tax profits in 2007, Bermuda-based Omega Insurance Holdings Ltd expects further profitable growth in 2008.
  • Benfield Group CEO Grahame Chilton said he remains confident that the reinsurance market will turn even as the enervating effects of the weak US dollar took its toll on the firm’s 2007 results.
  • Richard Scruggs, the lawyer who successfully fought the tobacco companies in a series of class actions, has pleaded guilty to bribing a judge.
  • Lexington Insurance Company's move to treble its available capacity for high limit US commercial property sees the American International Group (AIG) subsidiary take on a market traditionally dominated by FM Global.
  • Joe Plumeri, chairman and CEO of Willis Group Holdings has warned that brokers face a "war for distribution".
  • Arch Capital Group Ltd is to form Gulf Re, a Dubai-based $400mn capitalised reinsurer, in a joint venture with the Gulf Investment Corporation.
  • Troubled Bermudian giant XL Capital has gone outside the firm to name Michael McGavick as CEO in place of Brian O’Hara.
  • Arch Capital Group Ltd is to form Gulf Re, a Dubai-based $400mn capitalised reinsurer, in a joint venture with the Gulf Investment Corporation.
  • Travelers Syndicate Management Ltd has confirmed the successful closure of the 2000 and prior and 2001 open years of account on its Syndicate 227 into RITC Syndicate Management Ltd's (RSM) Syndicate 5678.