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  • Texan businesses that followed US government recommendation to flee from the advancing Hurricane Rita could now find they have no valid claim for Business Interruption.
  • Barbados headquartered reinsurer Imagine Group has entered an agreement to acquire its third Lloyd’s insurer after confirming that it is to add Abacus Syndicates Ltd to its stable.
  • AM Best has placed Bermudian reinsurer RenaissanceRe and its subsidiaries under review with negative implications for financial strength and debt ratings. The rating review follows the company’s receipt of a Wells Notice from the Securities and...
  • ACE has today (3 October) become the latest (re)insurer to announce capital raising plans in the wake of Hurricanes Katrina and Rita, as the industry responds to plug balance sheet gaps and prepare for the underwriting opportunities ahead.
  • Giant insurer American International Group (AIG) has taken legal action in an effort to seize $20bn of its own shares from the control of ousted former chief executive Maurice “Hank” Greenberg, according to reports today in the Wall Street Journal (WSJ).
  • Ratings agency Standard & Poor's (S&P) has lowered its outlook on the reinsurance industry to negative from stable, suggesting that company downgrades will outnumber upgrades for the remainder of the year.
  • Embattled UK quoted reinsurer Alea Group Holdings (Bermuda) Ltd has cancelled a rescue fund raising plan following AM Best’s decision on 23 September to downgrade the firm’s financial strength rating from A- to B++.
  • Risk modelling experts Eqecat released estimates of between $11-19bn for the offshore energy and commercial flood damage caused by Hurricane Katrina. Although the estimates are outside of Eqecat’s usual scope, the company said it was responding to...
  • JLT Re, the reinsurance arm of Jardine Lloyd Thompson, is continuing to build following the decision to separate it from the brokers other businesses and grow beyond its presence in marine and aviation.
  • Marsh & McLennan (MMC) has reached agreement with more than 30 US insurance regulators over alleged fraud and anti-competitive practices. The charges were levelled by New York attorney general Eliot Spitzer and New York State Insurance...