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  • Rating agency AM Best has affirmed its financial strength rating of B++ on Swiss reinsurer Converium and revised the outlook on the company to positive.
  • Electronic trading platform RI3K announced on 11 September the launch of its upgraded trading system “V3”.
  • Lloyd’s chairman Lord Levene has added his voice to the lobby calling for a more favourable tax regime to help preserve London’s position in the face of competition from Bermuda and other tax havens.
  • “Class of 2005” reinsurer Flagstone Reinsurance Holdings announced on 7 September that it has entered the aviation reinsurance market.
  • UK motor insurer Highway Insurance Holdings plc revealed a drop in its first half profits on 6 September as the motor market remains “challenging”.
  • Cooper Gay Intermediaries (CGI), the US treaty arm of London-based reinsurance broker Cooper Gay, announced the appointment of Michael Joyce as executive senior vice president on 8 September.
  • It was a tale of two markets for reinsurance specialist Benfield Group with disappointing news on its new corporate risks division being more than matched by impressive earnings growth in its US division on the back of the capacity crunch for catastrophe
  • Confirmation of the steep rise in catastrophe exposed reinsurance came from Guy Carpenter & Co which revealed that rates have increased this year by 76 percent in the US and 129 percent in Mexico.
  • UK-listed Chaucer Holdings plc became the latest Lloyd’s insurer to announce a decline in profits due to the weak dollar when it released its interim results today (11 September).
  • In contrast to many of its Lloyd’s competitors, the Bermuda-headquartered Catlin Group received a currency boost from the weak dollar which contributed to record net income of $147.3mn for the first half of 2006.