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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.
  • 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.
  • 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.
  • Heritage Underwriting Agency Ltd became the latest specialist Lloyd's insurer to publish sparkling interim results with profits climbing by as much as 250 percent to £10.5mn for the first half of the year.
  • The House of Representatives approved a Bill on 19 September that would extend the Terrorism Risk Insurance Act (TRIA) for 15 years despite the White House stating it would veto proposals unless amendments are made.
  • Lloyd's has recruited a number of key London personnel to help the franchise in its continued bid to push process reform.
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