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  • Bermudian IPC Holdings Ltd appears to have paid the price for a property catastrophe focus with its operating subsidiaries downgraded to A- by Standard & Poor’s (S&P).
  • Converium has pointed to its first quarter results this morning as evidence that the increasingly hostile takeover bid from rival SCOR undervalues the firm.
  • Xchanging has priced its proposed initial public offering (IPO) at 210 to 240 pence a share, effectively valuing the company at £500mn at the mid-point price.
  • Converium has raised the heat in its defence against an increasingly hostile takeover bid by rival SCOR as it filed a lawsuit in the US against the French reinsurer and former investor Patinex alleging violation of securities laws.
  • Amlin Bermuda Ltd has appointed Alun Thomas, a former director of North American Reinsurance in Aon Ltd’s Property division, as an underwriter.
  • Integro Ltd, the insurance broker which recently unveiled ambitious plans to roll-out a global wholesale and facultative division, has appointed a new chief financial officer to replace the retiring Joseph Salerno.
  • Swiss Re has launched its EUR329mn European Clean Energy Fund to invest in environmentally friendly projects.
  • Property facultative and catastrophe treaty lines in South America are likely to continue softening in 2007 after bumper returns in 2006, according to Swiss Re’s head of reinsurance in Latin America, Beat Strebel.
  • Underwriters are divided on whether premiums in the financial institutions market will bottom out this year, according to a survey conducted by Willis.
  • There are only a few remaining spaces at The Insurance Insider’s Capital Management 2007 event in London this Thursday (19 April).