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September 2008/5

  • Carl Phillips, currently head of operational services at Amlin will be joining Lloyd's to head up its market operations, The Insurance Insider has learnt.
  • London-based independent (re)insurance broker United Insurance Brokers (UIB) has registered its Brazilian operation as the list of companies taking advantage of the country's deregulation continues to grow.
  • PARIS RE Holdings Ltd has bought out founding shareholder FI Equity Partners BV's 5.36 percent interest in the company in a EUR55.5mn transaction.
  • Federal prosecutors in the case involving five former General Re and American International Group Inc (AIG) executives who were found guilty for their part in a sham reinsurance transaction are tying the deal to shareholder losses of $1.4bn.
  • Liberty Mutual Group has fought back against its downgrade by Standard & Poor's (S&P) following the closure of its $6.2bn acquisition of rival Safeco last week.
  • UK-listed run off firm Tawa plc saw its share price fall a further ten percent last week after profits slumped on continuing losses from the bond portfolio of its CX Re subsidiary, the former London-headquartered reinsurer CNA Re.
  • London-based company market (re)insurance trade body, the International Underwriting Association (IUA) has welcomed proposals for a new reinsurance regulatory framework agreed by the reinsurance task force of the National Association of Insurance Commissi
  • Both sides in the US taxation debate were quick to respond last week to proposed legislation aimed at levelling the playing field between foreign-owned and domestic carriers writing business in the world's biggest insurance market.
  • Lloyd's investment vehicle Hampden Underwriting PLC (HUP) made a modest profit of £148,000 from its opening six months of underwriting as start-up costs took their toll.
  • The Lloyd's sidecar vehicle, Managing Agency Partners (MAP) Syndicate 6103, intends to renew its capacity into 2009.
  • Lloyd's has shortened the list of potential providers for its new messaging hub to three, The Insurance Insider has learnt.
  • Lloyd's posted an interim profit before tax of £949mn for the six month period ending 30 June 2008, a fall of 47 percent against 2007's record figure of £1.8bn.