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  • Shares in Kiln plc surged a further 13.18 percent this morning after the Lloyd’s insurer announced it would recommend a £442.2mn offer from Japan’s Tokio Marine & Nichido Fire Insurance Co (TMNF).
  • Arthur J Gallagher & Co (AJG) has acquired a 38.5 percent interest in Jamaican-headquartered intermediary CGM Group (CGM) as part of the US-firm's strategic growth in the region, The Insurance Insider has learnt.
  • Standard & Poor’s (S&P) has upgraded ratings on Renaissance Reinsurance Ltd from A+ to AA- as it acknowledged uncertainty that had surrounded the company’s parent over the departure of senior management in 2005 has lifted.
  • The board of Kiln plc has recommended a 150p per share cash offer for the Lloyd's insurer by Tokio Marine & Nichido Fire Insurance Co (TMNF), as predicted by The Insurance Insider.
  • Ratings agency Fitch has placed monoline bond insurer Security Capital Assurance (SCA) on review for possible downgrade in a move that will continue to increase pressure on its 46 percent owner XL Capital.
  • Paris Re Holdings Ltd has become the latest reinsurer to announce capital management initiatives including the approval of a share buy-back programme and plans to distribute $400mn of capital by reducing the nominal value of shares, funded by a propose
  • Bond investors on Zurich Financial Services' (ZFS) loss-stricken Kamp Re 2005 will pay out $29.7mn in losses from the principal amount of the notes on 14 December.
  • Tokio Marine & Nichido Fire Insurance Co has emerged as a possible bidder for Kiln plc amid feverish speculation after the Lloyd’s insurer revealed yesterday it was in talks with an unnamed party over a possible takeover.
  • Listed Bermudian-headquartered legacy firm Enstar Group has acquired AMP Ltd’s Australian-based closed (re)insurance operations for A$585mn ($518mn).
  • AM Best has bolstered its London operations with the hiring of Lloyd’s head of capital and broker relationships, Nick Charteris-Black.