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  • The Swiss reinsurer Converium has agreed to sell its US operations to Berkshire Hathaway for $295mn, paving the way for a possible upgrade of the company.
  • US insurer Allstate Corp announced the next phase of its leadership succession plan on 9 October, with George Ruebenson set to take over from Thomas Wilson as president of Allstate Protection.
  • US reinsurers enjoyed a strong first half of the year, as rate rises in key property & casualty lines together with mild catastrophe losses contributed to favourable underwriting conditions, according to broker Benfield in its latest report on the sector.
  • Stephen Snook has led a four-man team from Markel International to form a UK property team at Navigators.
  • Lloyd’s insurers have geared up balance sheets to cash in on attractive post-Katrina underwriting conditions, according to research by equity house Numis Securities Ltd.
  • Despite making significant progress over the last decade Lloyd’s run-off vehicle Equitas is “not out of the woods yet”, according to Marcus Rivaldi, a director at Standard & Poor’s (S&P).
  • The risk gap is widening for insurers who are taking less premium for more risk, leading to significant concern about sustaining their profitability levels, according to Aon’s ‘2006 European Property, Liability and D&O Report’.
  • Berkshire Hathaway chairman Warren Buffett has warned his senior managers against using “accounting gimmicks” to manipulate stock options in a memo.
  • Rating agency AM Best is to assess the “tail risk” attached to sidecar operations that are inadequately capitalised.
  • Benfield Group’s unexpected profits warning today (16 October) is likely to focus attention on the firm’s new Corporate Risk division which has found the going tougher than expected.