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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).
  • 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.
  • Fitch Ratings has maintained its Stable rating Outlook on the global reinsurance sector despite “increasingly difficult market conditions”.
  • The head of Standard & Poor’s (S&P) has stepped down just weeks after reports that the European Commission is set to investigate the role of rating agencies in the ongoing sub-prime crisis.
  • Fairfax Financial Holdings controlled US reinsurer Odyssey Re has reached an out-of-court settlement in its litigation with Gulf Insurance Company, it announced last week.
  • Lloyd’s investment vehicle Hampden Underwriting plc (HUP) is pushing ahead with its floatation on the London Stock Exchange’s Alternative Investment Market (AIM) despite falling to raise the £15mn it planned.
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