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  • The US Congress is due to discuss an extension to the federal Terrorism Risk Insurance Act (TRIA) that is scheduled to expire at the end of the year.
  • The reserving practices of Independent Insurance came under scrutiny as several of the company’s former claims staff testified in court last week.
  • Swiss reinsurer Glacier Re joined the list of carriers accessing the capital markets with a $75mn offering under a shelf programme providing it with retrocession cover from windstorm and earthquakes.
  • Nephila Capital the Bermuda-based investment manager specialising in catastrophe reinsurance and weather risk, has announced the launch of Gamut Re, a reinsurance vehicle funded using collateralised debt obligations (CDOs).
  • “Class of 2005” insurer Lancashire Holdings Ltd is likely to be the first of a number of insurers structuring contingent capital deals after it co-operated with investment bank JP Morgan to launch a financing deal last week that would allow it to tap the
  • Brit Insurance chief executive Dane Douetil joined a select club at the weekend – he became one of a limited number of insurance figures ever to be honoured following the publication of the Queen’s birthday honours list.
  • Aspen Re, a subsidiary of UK (re)insurer Aspen Insurance Holdings Ltd, has announced plans to open a major office in Zurich, to act as the hub for Aspen’s European reinsurance activity.
  • US insurer State Farm is set to place a giant $4bn cat programme, consisting of both bonds and loans, to provide retrocessional protection for one of its subsidiaries. The company has formed a special purpose vehicle, called Merna Re, which will provide
  • A flurry of (re)insurance activity in the capital markets last week ended with US giant Allstate Insurance launching a $2bn shelf catastrophe programme through a Cayman Island-based special purpose reinsurer Willow Re.
  • Lancashire Holdings Ltd has entered into a contingent equity arrangement which gives the Bermudian-headquartered insurer the right to raise a minimum of $49mn any time throughout this year’s hurricane season.