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September 2008/5

  • Validus Holdings Ltd is in talks to buy Transatlantic Re from distressed insurance giant American International Group (AIG), The Insurance Insider understands.
  • American International Group Inc (AIG) expects to have a "for sale" list of assets drawn up by the end of this week (3 October), and may have executed transactions in that time frame, according to new chairman and CEO Edward Liddy.
  • 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.
  • QBE Group has formally parted company with Tim Kenny, the head of its US operations, The Insurance Insider revealed last week.
  • Swiss Re has revealed lower-than-feared write-downs from its exposures to structured credit default swaps (CDS) as it posted mark-to-market losses of SFr245mn in July-August in its CDS portfolio and estimated further write-downs in September (up to the 19
  • AXIS Capital estimates that its net loss exposures to Hurricanes Gustav and Ike will be between $310-$430mn, adding to the industry's toll of heavy 2008 catastrophe losses and providing further evidence of the damage wreaked by Ike earlier this month.
  • 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.
  • 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.
  • 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.
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