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  • Consultants Watson Wyatt has announced that it will establish an insurance and financial services consulting team based in Munich.
  • The imminent expansion of the European Union – creating the largest trading bloc in the world – will benefit the insurance industry, according to actuaries Tillinghast.
  • UK run-off firm Omni Whittington Capital Management Ltd will manage the affairs of Talbot’s loss-struck Syndicate 376 when a novation of the managing agent’s agreements occurs later this year.
  • Independent Lloyd’s brokers Lochain Patrick Insurance Brokers Limited has announced plans to acquire London Special Risks Limited (LSR), the specialist marine insurance and reinsurance advisory and broking company.
  • Ratings agency Fitch has affirmed insurer Brit’s “A” financial strength rating, with a positive outlook, after the firm announced a capital reorganisation.
  • Tony Taylor, the founding chief executive of Bermudian reinsurer Montpelier Re, has resigned from the board of Aspen following the latter’s flotation on the New York Stock Exchange.
  • Bermudian (re)insurer Endurance announced last Thursday (22 January) that its 2003 net income has rocketed 158 percent to $263.4mn, or $4.00 per diluted share.
  • Last week signalled a number of key personnel changes in XL Capital’s insurance and reinsurance operations.
  • In a new report, ratings agency Moody’s has suggested that core reserves (i.e. reserves excluding asbestos and environmental liabilities) for the insurance industry may be short by as much as $30bn.
  • Recently aired views on declining property rates were backed up last week by a survey from the Risk Insurance Management Society (RIMS) in the US, which found that the cost of premiums fell 8.8 percent in the final quarter of 2003.