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  • Luxembourg-domiciled Flagstone Re bucked analyst expectations of a Q3 loss and a $52.5mn net loss from the Christchurch earthquake to book profits of $37.3mn for the period.
  • Marsh Ltd will be forced to defend itself on charges of poaching a senior aviation team and confidential business information from United Insurance Brokers (UIB) in a trial scheduled to take place next summer.
  • London financial institutions (FI) insurers have asked a US court to rule that primary and excess professional indemnity policies issued to Fiserv do not provide coverage for the insured against class actions from the Madoff debacle.
  • French giant AXA announced today (14 June) that it has entered into a definitive agreement with Credit Suisse Group to buy the Zurich-based company’s insurance operation Winterthur for SFr12.3bn, or EUR7.9bn in cash.
  • Travelers opened a $1.25bn hole in its previously tight US cat programme after running its Longpoint Re II securitisation through RMS Version 11 created a much higher attachment point for the cat bond, The Insurance Insider reported in June
  • Allianz’s head of UK aviation business, Emilio Di Silvio, has parted company with the insurance giant, and is set to head a new aviation syndicate at QBE’s Limit. Di Silvio – who has more than 29 years of aviation underwriting experience – resigned...
  • In the first transaction of its kind following Germany’s implementation of the EU Reinsurance Directive, Deutsche Rückversicherung AG (Deutsche Rück) has transferred all of its run-off business to its UK-based subsidiary.
  • UK-listed Jardine Lloyd Thompson Group plc (JLT) today (18 May) announced it has became the latest Western broker to receive approval from regulators for a Chinese (re)insurance broking operation.
  • Bermudian reinsurer Flagstone has announced four new hires for its Lloyd's platform, following a major reorganisation of its underwriting structure at its Bermuda HQ.
  • Maurice "Hank" Greenberg - former CEO of American International Group (AIG) - has sold the majority of his remaining shares in the insurance group to UBS.