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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.
  • The Hartford Financial Services Group has hired former American International Group (AIG) senior executive Stephen Whelan to replenish its recently raided financial products division, along with 18 other new appointments, The Insurance Insider has learned
  • 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.
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