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  • Swiss Re, the Zurich headquartered reinsurer which is pioneering the industry’s collaboration with the capital markets, has called on the creation of a new index for European natural catastrophes.
  • The acquisitive broker USI Holdings Corp has itself succumbed to a take-out offer after agreeing terms with the private equity arm of Goldman Sachs & Co last week.
  • Hannover Re has re-visited the capital markets in order to boost its Kaith Re "K5" securitisation to $520mn and expand the reinsurer’s underwriting capacity.
  • Bermudian-domiciled (re)insurer is to launch a $30mn offshore energy account for its Lloyd’s Syndicate 958 this year, it announced in a trading statement yesterday (16 January).
  • Validus Holdings Ltd and Greenlight Capital Re Ltd have become the third and fourth reinsurers formed after Hurricane Katrina to confirm plans for initial public offerings (IPO).
  • Run-off company Tawa Management Ltd, part of the Tawa Group, has announced that David Vaughan succeeded Philip Singer as its CEO on 1 January.
  • Casino mogul Steve Wynn has described an offer from Lloyd's insurers to settle his $54mn claim for a damaged Picasso masterpiece as "ridiculous" and taken underwriters to court.
  • Class of 2005 alumnus Lancashire Holdings Ltd has received a strong endorsement from analysts at stockbroker Numis Securities, who initiated coverage on the (re)insurer with a "BUY" recommendation.
  • US insurer State Farm Fire & Casualty Co has been ordered to pay $2.5mn in punitive damages to a couple in Mississippi by a jury.
  • German giant Munich Re is on track for 2006 after-tax profits of EUR3.2bn to EUR3.4bn, according to its chairman Nikolaus von Bomhard in an investor conference last week (9 January).