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Moyles joins private equity firm Stone Point
Phil Moyles has joined the legions of ex-MMC executives at private equity firm, Stone Point Capital.
28 January 2008
Lloyd's confirms 2008 capacity at £15.95bn
Lloyd’s has confirmed underwriting capacity at 1 January 2008 of £15.95bn, only fractionally down on the £16.1bn the market began 2007 with.
28 January 2008
Ping An plans $22bn capital raising
Chinese insurer Ping An Insurance Co has revealed plans to raise up to $22bn in a public offering in order to fund mergers and acquisitions.
28 January 2008
AIG rescues $2.5bn SIV
American International Group became the latest financial institution to bail-out a structured investment vehicle (SIV) when it came to the rescue of its $2.5bn vehicle, Nightingale Finance.
28 January 2008
IFEX futures trading surges; Swiss Re to make market
January has continued to be a record month for derivatives trading platform Insurance Futures Exchange Services (IFEX), with a further 701 lots, or $7,010,000 of (re)insurance limit, traded last week.
28 January 2008
Analyst disappointed with Allianz preliminary figures despite improvement
German financial services giant Allianz AG's pre-announced EUR10.8bn of 2007 operating profit, prompting analysts at Keefe, Bruyette & Woods (KBW), to revise their forecast for the firm from Underperform to Market Perform.
28 January 2008
Big Dig highway contractor settles lawsuit for $400mn
A long-running lawsuit filed by Massachusetts State over a fatal tunnel collapse and numerous leaks and design flaws in the massive Big Dig highway project has been settled.
28 January 2008
Massachusetts subpoenas ailing bond insurers
The US state of Massachusetts has issued subpoenas to ailing financial guaranty insurers Ambac Financial Group and MBIA Inc seeking disclosure on their exposure to sub-prime investments.
28 January 2008
Bear Stearns trebles sub-prime liability loss estimate to $9bn
Predicted sub-prime losses for insured management and professional lines have shot up to $9bn from an earlier $3bn as notifications and class action lawsuits continue to mount, according to Bear Stearns analyst David Small.
28 January 2008
XL downgrade will hurt competitive position, warn analysts
Troubled XL Capital was downgraded by both AM Best and Fitch Ratings late last week, with analysts warning the rating action could limit the (re)insurer’s competitive position, particularly in US casualty business.
28 January 2008
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