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September 2007/5

  • XL Capital has furthered the market trend in repatriating capital after announcing its second share buyback programme this year.
  • Some of the charges against Independent Insurance's deputy managing director Philip Condon have been dropped this morning (24 September) on the instructions of the trial judge.
  • Fresh from completing the acquisition of its London market platform, Bermudian (re)insurance group Ariel Re has acquired an onshore US presence with its purchase of the admitted insurer, Valiant Insurance Co.
  • Shares in Benfield Group fell this morning after Numis Securities slashed its target price on the reinsurance broker amid revenue concerns.
  • German insurance giant Allianz SE is negotiating to purchase a minority stake in expanding UK broker consolidator Oval Group, continuing the trend for insurers to acquire greater control of distribution networks, according to sources.
  • Acquisitive private intermediary Towergate has bought a major IT solutions provider, Open International Limited, for £276mn - the largest purchase in the group's 10-year history.
  • RK Harrison, the independent London Market broker, has been hit by the loss of a major North American account to Aon Ltd.
  • Bermudian quota share start-up Maiden Holdings Ltd has filed for a $500mn+ initial public offering (IPO) which would see it list on New York's NASDAQ Exchange.
  • HCC Insurance Holdings, Inc has become the latest (re)insurer to be frustrated by the post-US sub-prime crisis credit crunch as it axed a $300mn debt issue on Friday (21 September).
  • The European (re)insurance industry will be holding its breath as the European Commission's (EC) long-awaited final report into business insurance is published this week.
  • Lloyd's insurer Novae Syndicates Ltd (NSL) plans to close the 2002 year of account on its run-off Syndicate 1241 into its Syndicate 2007, it revealed on Friday (21 September).
  • The start-up Lloyd's insurer Ark Syndicate Management will add accident & health to its list of classes next year following its swoop for senior class underwriters at St Paul Travelers Syndicate 5000.
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