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September 2007/4

  • A new £125mn capacity syndicate headed by WürttUK managing director Stephen Redmond is at the final stages of seeking approval from Lloyd’s franchise performance directorate, Insider Week can reveal.
  • Marsh Inc, the broking unit of US (re)insurance conglomerate Marsh & McLennan Inc (MMC), suffered further senior management disruption last week as it parted company with chief executive Brian Storms.
  • Despite reinsurers generally agreeing that rates in the softest reinsurance lines such as aviation and US casualty will fall by around 10 percent next year, a leading figure in the sector has warned that this figure be significantly higher at renewal.
  • UK consolidation giant Towergate has denied suggestions that it is poised to refinance its debt structure or raise further funds to pay for future acquisitions.
  • Shares in troubled UK lender Northern Rock were in freefall today amid a run on the bank as fears continued over its ability to survive the ongoing US sub-prime triggered credit crunch.
  • (Re)insurance consultancy, Axiom, has launched a new claims management service to enable reinsurers to respond effectively in the wake of a major catastrophe.
  • Catastrophe modelling firm EQECAT has estimated that insured losses caused by Hurricane Humberto will be less than $1bn.
  • Hamish Roberts has resigned from JLT Agnew Higgins to head up Aon's expansion into the power sector.
  • Deutsche Bank is set to launch the trading in catastrophe event-linked futures on the Chicago Climate Futures Exchange (CCFE) later this month, in conjunction with former Brit Insurance chief executive Neil Eckert.
  • Lloyd's insurer Omega Insurance Holdings looks set to continue the recent trend for sparkling interims when the specialist short-tail (re)insurer unveils its half-year results tomorrow (18 September).
  • Lloyd's insurer Hardy Underwriting Group plc remained upbeat despite pricing pressures as it posted a 49 percent increase in its pre-tax profits for the half-year.
  • Lloyd's insurer Novae Group plc's investment performance has helped the firm beat analysts' forecasts and post a 22 percent improvement in its first half pre-tax profits.
  • Shares in UK (re)insurer Beazley Group plc plummeted more than 7 percent in just two days trading on the news that CEO Andrew Beazley sold over 3 million shares in the firm, halving his ownership stake.
  • Validus Re will take a decision shortly on whether to renew its $200mn energy sidecar Petrel Re but says it looks likely to continue with the facility.
  • The (re)insurance industry has begun to feel the shockwaves from the sub-prime crisis as management liability claims trickle into the market.
  • First half profits at Co-operative Financial Services (CFS), the banking and insurance subsidiary of the UK consumer conglomerate The Co-operative Group, tumbled by 53 percent to £38mn as a result of "exceptional weather-related losses".
  • Swiss insurance giant, Zurich Financial Services Group, has revealed a net loss estimate of $260mn for the UK July floods, bringing the group's total for this summer’s events to $660mn.
  • London-based underwriting pool Global Aerospace Underwriting Managers (GAUM) was the lead on the cover of the aircraft that crashed on the Thai island of Phuket yesterday (16 September).
  • Former Independent Insurance finance director Dennis Lomas became the last of the firm's trio of senior executives to take the witness stand last week.
  • Illinois-based sports underwriter Pro Financial Services Inc was sold last week for $73mn - the equivalent of over seven times "base" earnings.
  • The European Commission's (EC) long-awaited final report into business insurance could see a shake-up of the London subscription market if it takes action against the practice of co-insurance.
  • Chuck Hewitt is leaving Benfield to join rival Guy Carpenter – the second senior executive to make the journey in two months.
  • "Class of 2005" alumnus Flagstone Re is the latest Bermudian to build a significant presence in Switzerland, with the appointment of Guy Swayne as CEO of its newly capitalised subsidiary.
  • US broker Hilb Rogal & Hobbs (HRH) is expected to complete the purchase the Banc of America Corporate Insurance Agency (BACIA), which manages over $1.2bn in commercial insurance and...