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Aon in fresh cost-cutting initiative
Investors reacted positively to the latest restructuring by Aon that will lead to the loss of 2,700 jobs, the equivalent of 6 percent of its global workforce.
09 November 2007
Lufthansa renewal continues to underline soft market
The imminent renewal of the flagship Lufthansa account looks set to underline the soft conditions in the airline market with underwriters apparently set to accept greater exposures for effectively a similar rate as last year.
09 November 2007
International News Digest
Harbor Point secures A rating for $500mn US platform; Bermuda facing December General Election; Expansive MAPFRE in $2.2bn US push; Ironshore gains admitted status; New York drives collateral relief for non-US reinsurers...
09 November 2007
Highlands UK declared insolvent
Run-off insurer Highlands Insurance Company (UK) Ltd went into insolvent administration at the High Court on 1 November.
09 November 2007
Centrewrite joins Lloyd's RITC capacity
Lloyd's own run-off arm Centrewrite has joined the queue of capacity prepared to offer reinsurance-to-close (RITC) quotes for "open year" syndicates.
09 November 2007
Insurance law firms to merge
London-based law firm Kendall Freeman has been looking for a partner for some time and so seasoned watchers were not surprised by its proposed tie-up with the US firm Edwards Angell Palmer & Dodge LLP (EAPD)...
09 November 2007
London reinsurers lose North Korean appeal
London market reinsurers led by Allianz have had their appeal dismissed against the striking out of significant parts of their defence in the controversial EUR44.3mn dispute with the North Korean national insurer.
09 November 2007
QBE Limit/Markel bond 'fraud' showdown next year
QBE Limit and Markel International's UK High Court showdown with broker Surety Guarantee Consultants Ltd (SGC) and other defendants over construction bond fraud allegations has been postponed until next year.
09 November 2007
Guy Carpenter develops long-tail casualty hedge product
Reinsurance broker Guy Carpenter is developing a product to allow (re)insurers to hedge the risk of under-reserving on long-tail casualty lines of business.
09 November 2007
Lehman Bros takes principal risk
Lehman Bros has been given the green light by the Financial Services Authority to begin trading at its subsidiary Libero Ventures Ltd, which aims to transfer "vanilla" exposures by employing securitisation...
09 November 2007
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