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September 2007/1

  • Sir Anthony Holland has been re-appointed as the Independent Complaints Commissioner for the Financial Services Authority (FSA) for a second term, which begins today (3 September).
  • Ascot Underwriting Ltd’s Lloyd’s Syndicate 1414 has been downgraded by AM Best after the unconditional guarantee of its liabilities by major capital provider American International Group (AIG) was cancelled.
  • Recently-listed European reinsurer Paris Re suffered a drop in profits after exposure to 2007’s catastrophes negatively impacted its bottom line.
  • London-based reinsurance broker Cooper Gay Group has bought the reinsurance and terrorism broking teams of CRS Group (London) plc.
  • Oxygen Holdings plc, the independent London-based intermediary, has acquired Lloyd’s broker Robertson Taylor.
  • Amlin plc threw down the gauntlet to Lloyd’s based insurers poised to unveil their interim results this week when it posted a 54 percent leap in first half pre-tax profits to £154mn.
  • Hurricane Felix strengthened to Category Five yesterday (2 September) as it continued on a path for Honduras and Belize.
  • Groupama UK has shrugged off competition to acquire the privately owned Lark Insurance Broking Group and continue the trend for UK insurers to acquire distribution channels, in a move that was swiftly followed by AXA's swoop for The Davis Group today
  • Beaufort Underwriting Agency is the latest in a line of Lloyd’s insurers to consider hoisting a “for sale” board, confirming the optimism for continued mergers and acquisitions (M&A) activity in the Society.
  • New York law firms LeBoeuf, Lamb, Greene & MacRae LLP and Dewey Ballantine announced that they have entered into a definitive agreement to merge, subject to partner approval last week.
  • The 1 October UK solicitors’ professional indemnity (PI) renewals are set to see further rate reductions due to a 17 percent increase in capacity over last year to £350mn, according to broker Marsh.
  • Fitch Ratings has maintained its Stable rating Outlook on the global reinsurance sector despite “increasingly difficult market conditions”.
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