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  • Bermudian reinsurer Montpelier Re has raised $100mn through a private sale of trust preferred securities boosting its total capital to over $1.4bn.
  • The Mutual Reinsurance Bureau (MRB) pool took its membership to five when the Country Mutual Insurance Company and Kentucky Farm Bureau Mutual were admitted at the beginning of this year.
  • A lawsuit has been filed on behalf of homeowners covered by an “all risk” policy with State Farm Fire and Casualty on 4 January as the fallout from Hurricane Katrina continues.
  • Rating agency AM Best has affirmed Quanta Europe's financial strength rating of A- (Excellent) and removed the ratings from under review in the wake of affirming the ratings of its Bermudian parent's main operating arm, Quanta Reinsurance Ltd.
  • Lloyd’s insurer Beazley received a welcome boost from analysts Numis Securities after it failed to gain investor backing for a new syndicate last month. Numis has upgraded its rating on Beazley shares from ADD to BUY and increased its price target on..
  • Hurricane hit Lloyd's (re)insurer Advent confirmed on Friday (6 January) the completion of its £30mn share issue and the appointment of a new non-executive director following approval by shareholders at an extraordinary general meeting.
  • US bank Marshall & Ilsley Corp (M&I) is suing Marsh parent MMC over accusations of overcharging premiums in relation to the contingent commission scandal that rocked the broking giant in October 2004.
  • Reports by two of the world's largest reinsurance brokers have found that the renewal season has so far been a "Tale of Two Markets". The reports from Willis Re and Guy Carpenter agreed that lines directly affected by hurricanes Katrina, Rita and...
  • Bermudian Arch has become the latest (re)insurer to enter into a sidecar arrangement following the establishment of Flatiron Re, which has itself become the first vehicle of its kind to be rated by Standard & Poor’s (S&P).
  • Bermudian (re)insurer XL Capital last Wednesday (4 January) announced a senior management reshuffle, as it steps up its long-term succession strategy to replace CEO Brian O’Hara. As part of the restructuring, James Veghte has been appointed chief...