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  • Weeks after marine insurer Dex left Lloyd’s following disagreements with the Society’s underwriting watchdog, the Lloyd’s franchise board, chief executive Mark Carter has parted company with the organisation.
  • The Christmas season started on a bright note for both Omega and Amlin with the news that AM Best had affirmed its ratings for Omega’s Syndicate 958 while granting Amlin’s Syndicate 2001 an inaugural A rating.
  • QBE International has become the latest insurer to withdraw from the loss struck space insurance sector.
  • Lloyd’s underwriter Cox has admitted liabilities of up to ÂŁ4.5mn in relation to the failure of Scottish insurer Tribune on 10 December.
  • Business outsourcing specialist Xchanging has announced the creation of a London Market Executive Group, with the aim of delivering market initiatives in 2004 and aligning business processes to support market reform.
  • UK insurer Royal and Sun Alliance (R&SA) has secretly appointed Goldman Sachs and Lehman Brothers to sell its UK life business, the Sunday Times reported yesterday (14 December).
  • London based insurer Catlin Group has appointed JP Morgan, Goldman Sachs and UBS to advise on a 2004 IPO, according to reports last week.
  • Bermudian giant ACE last week announced plans to spin off its financial guaranty business next year in a New York IPO. ACE said it will offer 65-75 percent of its interest in the new company.
  • Aspen Re – the spun-off Bermudian arm of Wellington Underwriting – announced last Wednesday (3 December) that it had exceeded expectations in achieving a $22.50 price for its New York IPO.
  • Willis – the world’s third largest broker – announced last Thursday (4 December) it had successfully completed a finance deal providing it with $600mn unsecured credit facilities, made up of a $450mn term loan and a $150mn revolving facility.