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  • Corporate asbestos liability risk Bermudian class 3 (re)insurer Iron Re is set to launch by the end of the October - as revealed in The Insurance Insider this month.
  • Errors and omissions (E&O) claims arising out of the sub-prime crisis and subsequent financial markets liquidity crunch are likely to “dwarf” directors and officers (D&O) claims, according to Greg Flood, president of Ironshore’s subsidiary, Ironpro.
  • Fitch has lowered its outlook for the German non-life and life insurance to negative from stable reflecting the ratings agency view that there will be more downgrades than upgrades in the next 12 to 18 months in the sector.
  • Global reinsurance broker Guy Carpenter has pledged to “vigorously defend” a series of devastating allegations launched by Connecticut attorney general Richard Blumenthal who claims the intermediary violated...
  • Independent Lloyd's broker Howden is building a team to strengthen its general liability practice.
  • Broker Willis Group Holdings has increased its Swiss presence with a deal to buy Burkart Risk Consulting & Partner AG.
  • Shares in small Lloyd’s insurer, Heritage Underwriting Agency, peaked on the Alternative Investment Market (AIM) at 119p on 5 October, fuelled by strong interim results and vague rumour of takeover interest in the firm.
  • It has emerged that Lloyd’s insurers face potential losses from the investment of US trust fund cash in Mainsail II, a structured investment vehicle (SIV) hit by the credit crunch.
  • Although Lloyd’s expects sub-prime related claims to be a fraction of the liability losses that hit the market as a result of Enron, WorldCom, laddering, and other corporate scandals of the early noughties...
  • Lloyd’s investment vehicle Hampden Underwriting plc (HUP) has closed its subscription offer on the London Stock Exchange’s Alternative Investment Market (AIM) after raising £7.4mn.