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Kiln enjoying ‘strong’ rating environment
Lloyd’s insurer Kiln plc said pricing across it specialist underwriting portfolio continues to be strong in a trading statement released today (11 December).
11 December 2006
Advent launches Bermudian retro writer
Advent Capital Holdings has become the latest Lloyd’s (re)insurer to unveil plans for a Bermudian platform, Advent Re, which will write retrocessional business.
11 December 2006
TSR warns US hurricanes will return next year
Forecasters Tropical Storm Risk (TSR) have warned that 2007 will mark a return to the over-active hurricane seasons that the Atlantic has become familiar with in recent years.
11 December 2006
US court blocks IPO class action
A US appeals court has blocked a class action lawsuit that alleged banks committed fraud in the IPOs of stocks, typically technology companies.
11 December 2006
Aspen in pioneering recoverables deal
Bermudian (re)insurer Aspen Insurance Holdings Ltd has taken the innovative step of wrapping a credit derivative structure around a portfolio of its reinsurance recoverables, in a $420mn transaction with investment bank Deutsche Bank.
11 December 2006
MMC: Putnam sale and LBO less likely
Despite a bullish investor presentation in early December by Marsh & McLennan (MMC), analysts continue to question the ability of the company’s management to unlock value from its “diverse” operating subsidiaries.
11 December 2006
North Korea accused of reinsurance fraud
The North Korean government is attempting to collect on fraudulent reinsurance claims from international (re)insurers, according to reports in the US media.
11 December 2006
Zurich America settles with US states
Zurich American Insurance Co has finalised its settlements with 11 states, as well as the District of Columbia, resolving allegations of bid rigging, price fixing and misuse of finite risk products.
11 December 2006
US cat renewals to be up 30 percent – Munich Re
US hurricane and catastrophe reinsurance prices are expected to rise about 30 percent in the 1/1 renewals according to German giant Munich Re.
11 December 2006
Further consultancy needed on Solvency II
The EU needs to engage with more companies as it consults about the implementation of Solvency II the proposed new capital requirements for insurers across the EU, according to financial services company Deloitte.
11 December 2006
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