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  • UK quoted insurer Novae Group plc has issued £100mn of medium-term subordinated notes in a move to restructure its debt.
  • The rising price for distribution channels was demonstrated with AXA’s recent acquisition of UK consolidator Smart & Cook Group Ltd.
  • Bermudian reinsurer Aspen Insurance Holdings Ltd returned to the capital markets with two securitisation deals last week that will provide it with over $1bn in hurricane and earthquake cover.
  • Cat modelling specialist Risk Management Solutions (RMS) has launched a new parametric index which it says will help draw more emerging capital markets players into the catastrophe risk arena.
  • It could prove to be a tough year for brokers but Willis Group Holdings Ltd showed last week that it was still able to grow revenues and profits despite falling rates.
  • A UK High Court has delivered a landmark decision favouring reinsurers in a dispute concerning "follow the settlement" clauses.
  • US-based brokers Arthur J Gallagher & Co (AJG) and Hilb Rogal & Hobbs (HRH) disappointed analysts with first quarter profits down on expectations last week as the top line suffered from the impact of declining insurance rates.
  • US insurers Chubb Corporation and WR Berkley reported profits up and premiums down for the first quarter of 2007.
  • In a further sign of dramatically changed supply conditions in the retro market, rates for Industry Loss Warranties (ILWs) have slumped 30 percent since 1 January 2007, according to Montpelier Re chairman and CEO Tony Taylor.
  • It was at least a year in development, but Paris-based IXIS Corporate and Investment Bank has finally launched its new Bermudian reinsurer and insurance linked securities fund with some $600mn of capital.