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  • Hiscox plc has acquired the Illinois based livestock insurer American Live Stock Insurance Co in a deal that will provide the group with further US growth opportunities.
  • Capita CMGL is set to complete the reinsurance-to-close (RITC) transfer of the run-off Duncanson & Holt Syndicate 55 with capital supplied by CarVal Investors LLC, a fund backed by the agribusiness giant Cargill.
  • UK insurer Brit Insurance Holdings plc has launched a pioneering $200mn cat bond structure that will pay out fixed amounts in the event of four to nine qualifying natural catastrophes over the next three years.
  • The Act of Parliament that governs Lloyd’s is to be changed to enable the Society to reform its structure and processes, it was announced today.
  • Bermudian firm Montpelier Re has announced the formation of a new £47mn Lloyd’s syndicate which will write non-marine property and engineering business, as predicted by The Insurance Insider in May.
  • Reinsurance broker Guy Carpenter has said it will mandate the use of Electronic Claims File (ECF) for all in-scope claims from the Lloyd’s markets as of 1 January 2008.
  • The alleged poaching dispute between Gen Re and Arch took a new turn yesterday, when the temporary restraining order granted against Arch Capital and four former Gen Re executives in May was lifted and replaced by an agreed-upon order between the parties.
  • Standard & Poor’s (S&P) has raised its counterparty credit and insurer financial strength ratings on Zurich Financial Services (ZFS) from A+ to AA- citing the group’s “major and sustained improvements” in its operating performance.
  • Giant Bermuda-based investment hedge fund DE Shaw Group agreed a $575mn deal for US property/casualty insurer James River Group last week.
  • Broker Gallagher Re has announced the appointment of Mark Flower as chief actuary for its UK operations.