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  • Omega has announced that its sale to Lloyd's peer Canopius will be finalised by the end of August, signalling a clearer closure date after a long, drawn-out M&A process.
  • Lloyd's insurer Kiln has reversed plans to withdraw its full participation on property catastrophe reinsurance Syndicate 557 following negotiations with Members' Agents. The Syndicate, which is de-empting for 2005 by nine percent on its 2004 stamp capa
  • Acquisitive consolidator Giles Insurance Brokers Ltd is being purchased for £185mn by private-equity group Charterhouse Capital Partners, according to reports.
  • By John Helmer in Washington
  • Allianz continued its strategic stake-building in the UK distribution chain this month, with confirmation that it has acquired a 10 percent minority share of Yorkshire-based broker The Oval Group, as predicted by The Insurance Insider in September.
  • 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.
  • A major unit in the transfer of Heath Lambert's wholesale division to Cooper Gay will no longer be a part of the proposed sale, The Insurance Insider has learnt.
  • World Trade Center developer Larry Silverstein, who already successfully claimed $4.55bn from (re)insurers following the 11 September attacks, is seeking a further $12.3bn in damages from airlines and airport security companies.
  • London-based (re)insurer Liberty International Underwriters (LIU), a division of US insurer Liberty Mutual Group, has recruited London market veteran Ray Miller as vice president for Marine, Energy and Construction.
  • Stock in US (re)insurance giant, American International Group Inc (AIG) plummeted by nearly 10 percent in a day on Thursday (25 October), as worries about its exposure to the sub-prime mortgage market mounted.