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September 2011/2

  • UK-listed insurance services group Tawa has reached an agreement to purchase Lloyd's turnkey provider Whittington UK along with its consortium partners Paraline and Skuld.
  • Former Heath Lambert CEO Adrian Colosso is stepping down from London-headquartered broker Gallagher International just four months after the company swallowed up the UK retailer
  • Clyde & Co and Barlow Lyde & Gilbert became the latest law firms with sizeable insurance practices to agree a merger.
  • German-based legacy acquirer Darag has bought the legacy business of Austrian insurer Garant, in a further sign of increased sell-side appetite for run-off transactions in continental Europe
  • New Zealand's Earthquake Commission (EQC) has lost its case in the High Court of New Zealand over the question of how much insurance cover it provides when there are multiple disasters within a year, loading more cost onto the government-backed fund.
  • A US regulator has sued 17 of the world's largest banks over their role in allegedly mis-selling $200bn of mortgage-backed securities (MBS) to the state-backed mortgage agencies Freddie Mac and Fannie Mae.
  • Japanese "big three" insurer Tokio Marine has issued a $160mn private cat bond in the latest sign of private market expansion, as the public cat bond pipeline slowed mid-year.
  • Lloyd's insurer Chaucer - owned by The Hanover - has again drawn a blank in its attempt to spin-off its credit crisis-exposed Syndicate 4000 legacy
  • Investors in the $100mn tornado bond Mariah II are set to incur losses as totals for events covered by the bond pass its $725mn trigger, according to an update from ratings agency Standard & Poor's (S&P).
  • Brokers estimate that the industry loss warranty market has expanded by a further $1bn-$1.5bn over the past year due to increasing demand following the 2010-11 cat losses and improved coverage terms
  • Lord Peter Levene, the outgoing chairman of Lloyd's, has warned the UK to end the culture of "self-imposed flagellation" to prevent London from losing its competitive edge as a centre of financial excellence
  • Insurance companies are facing payouts of more than $100mn to cover the cost of wildfires in Texas over the long Labor Day weekend, according to the Insurance Council of Texas.
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