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.