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  • Munich Re has made its latest foray into the world of reinsurance securitisation with the launch of a $190mn cat bond on behalf of Zurich Financial Services Group (ZFS) to cover Californian earthquake risks.
  • The independent London market broker Tyser & Co has reshuffled its management team and is in the throes of restructuring its shareholdings as a number of senior executives prepare to retire.
  • Catastrophe exposed US reinsurance property rates rose around 40 percent at the 1/1 renewals as reinsurers sought to bring in-line with the mid-year 2006 pricing levels, according to the broker Willis Re.
  • Carbon Re, the Swiss reinsurer of greenhouse gas emissions-related projects, has launched Carbon Compliance Guarantee Insurance Syndicate (CCGI) to indemnify companies’ Certified Emission Reductions.
  • Beazley Group plc has increased its share of the capacity on its Lloyd’s syndicates to 81 percent with the acquisition of the corporate capital vehicle Santam Corporate Ltd.
  • Ratings agency AM Best downgraded the financial strength rating of General Insurance Corp of India to A- from A on 18 December.
  • US insurance broker AJ Gallagher said last week that it will take a $5mn-$10mn fourth quarter charge following a $36.9mn deal to settle a class-action lawsuit over contingent commissions.
  • Swiss giant Zurich Financial Services Group (ZFS) and lead underwriters UBS AG and Merrill Lynch International have been cleared by a US federal judge of securities-fraud claims following the spin-off of reinsurance subsidiary Converium Holding AG in 2001
  • In a record year for securitisation in the sector, French reinsurer SCOR became the latest (re)insurer to issue a catastrophe bond, with its EUR120mn Atlas III transaction to cover against European windstorm and Japanese earthquake losses in late December
  • Paris Re Holdings has become the latest reinsurer to launch a sidecar-style vehicle with the establishment of Triomphe Re, a $185mn Bermuda domiciled Class 3 reinsurer.