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  • As concrete barriers were erected around the Palace of Westminster last week, Swiss Re released a publication concluding that terrorism risks resulting in property and business interruption losses are insurable, even in the post-9/11 world.
  • Following protracted – but eventually successful – attempts to gain PRI board support for its takeover bid, Brit was pleased to announce last Friday the swift unconditional shareholder acceptance of its all share Offer.
  • Royal & Sun Alliance (R&SA) moved further along the road to recovery last week as better than expected first quarter financials were greeted with a positive response by the markets. This comes just ten days after R&SA successfully floated off its rebrande
  • AlphaStar – the firm trying to rise from the ashes of Stirling Cook Brown (SCB) – has landed itself in hot water with Nasdaq for late filing violations.
  • Franchise Board member Stephen Catlin has relinquished his duties as active underwriter on Lloyd’s Syndicate 2003, handing the reins to Paul Brand, his deputy of the past 12 years.
  • ZFS posts encouraging 1Qs Zurich Financial Services Group continued along its path of rehabilitation last week when posting first quarter net income of $114mn, against a comparable $6mn profit last year.
  • Bermuda based Allied World Assurance Holdings announced last Wednesday the opening of the London underwriting office of its Irish insurance subsidiary, marking a further step in its rapid expansion. Allied World Assurance Company (Europe) Limited (AWAC-E)
  • Corporation accounts reveal growing shortfall and £19.9mn fees to support Project Blue Mountain
  • The world's largest reinsurer Munich Re replaces head; Allianz separately confirms replacement for Schulte-Noelle Hans-Juergen Schinzler, the 62 yr old chairman of Munich Re's board of management, announced last month that he will step down at the end
  • Although under-reserved and badly run, HIH was more a victim of incompetence rather than corruption. But the improper use of reinsurance helped prolong its tenure Royal Commissioner Neville Owen’s restrained report into the 2001 collapse of HIH Insura