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September 2008/5

  • Property Claims Services (PCS) is due to publish an initial loss estimate for Hurricane Ike's onshore damage later this week - and the evidence is increasingly pointing to a $10bn+ loss.
  • Alice Schroeder's biography of Warren Buffett "The Snowball - Warren Buffet and the business of life" has gone on sale today (29 September) as the actions of its subject continue to dominate the headlines.
  • American International Group Inc (AIG) drew down $28bn from the $85bn US government bail-out loan facility before it announced it had signed the agreement last week.
  • Hank Greenberg, the former American International Group (AIG) chief executive, sold 40 million shares in the fallen insurer, netting around $126mn last week.
  • Western governments are continuing their rescue of financial institutions with the EUR11.2bn bail-out of Benelux banking and insurance giant Fortis yesterday and confirmation of the nationalisation of UK mortgage lender Bradford & Bingley (B&B).
  • 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.
  • 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.
  • 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.
  • Lloyd's has shortened the list of potential providers for its new messaging hub to three, The Insurance Insider has learnt.
  • 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.
  • 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.
  • QBE Group has formally parted company with Tim Kenny, the head of its US operations, The Insurance Insider revealed last week.
  • 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.
  • American International Group Inc (AIG) subsidiary Lexington Insurance Company moved to reassure nervous policyholders and brokers last week by announcing on 26 September that it had arranged contingent property reinsurance cover from Berkshire Hathaway, i
  • 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.
  • 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.