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September 2009/3

  • Lloyd's insurer Amlin is set to become a partner to the Heineken Cup and the European Challenge Cup...
  • Eighty-one percent of UK insurance executives think that if the UK government fails to improve tax competitiveness there will be a drop in the number of insurance firms based in Britain.
  • Markel announces $350mn debt offering; QBE acquires Cigna portfolio; JLT partners with Beazley on E&O programme...
  • Marsh has acquired International Advisory Services (IAS) - Bermuda's largest independent manager of captive and third party insurance companies - adding over 150 captives to its portfolio.
  • Run-off (re)insurer Alea Group has amalgamated its European and Bermudian subsidiaries and redomiciled Alea Europe from Switzerland into Bermuda.
  • As US regulatory authorities confirm discussions to "level the playing field" over contingent commissions, it has been estimated that MMC could earn more than $250mn a year if the controversial arrangements are allowed to return.
  • Scottish judge Lord Glennie's comments on the fundamental issue of fairness effectively halted the Scottish Lion solvent scheme of arrangement and could block progress on schemes currently in the pipeline.
  • The industry is effectively two-thirds of the way though the worst of the North Atlantic hurricane season, provoking a leading (re)insurance analyst to suggest the prospect of better-than-expected earnings this year.
  • Lord Peter Levene, chairman of Lloyd's, has lambasted those who question whether the competitiveness of the City should take precedence in the UK, insisting it is "an absolute priority".
  • The Lloyd's second syndicate capacity auction took place last week, with average prices up once again on last year.
  • After Lloyd's (re)insurers submitted their 2010 business plans to the franchise department last week, the 300 year-old market will begin next year at its largest ever size in terms of capacity.
  • The seventh and final executive convicted over a fraudulent $500mn reinsurance deal that misled investors about American International Group (AIG)’s financial health has been sentenced to two years probation and fined $10,000.
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