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  • 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.
  • UK regulator, the Financial Services Authority (FSA), has said that the biggest threats posed by the current boom in private equity are market abuse and conflicts of interest.
  • Expanding Australian sports underwriter Sportscover has announced the extension of its network into Ireland after teaming up with broker and sports specialist O’Driscoll O’Neil.
  • Private equity giant The Carlyle Group has formed a financial services division to concentrate on the insurance and banking sectors, again highlighting investors’ appetite for the industry.