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Loss-battered Swiss Re announced last week that it has named a new chief operating officer and that it plans to trim more than 1,000 jobs from its global workforce and close some offices.
Vince Lombardi Jr. will give a talk on "How To Be Number One" when the Pennsylvania Surplus Lines Association will hold its annual membership meeting beginning Wednesday.
Chicago-based insurance broker Hub International Ltd. said that its wholesale insurance broker in Canada, Totten Insurance Group Inc., has acquired Norac Intermediaries. Financial terms were not released.
Despite continued increases in loss costs, the private passenger auto insurance industry should continue to remain profitable, benefiting from the weak economy, a financial analyst said.
The UK Financial Services Authority announced today that a tribunal has upheld its decision prohibiting the former chief executive at a General Reinsurance Group unit from working in financial services.
Two Bermuda insurers continued their fight to acquire IPC Holdings Inc. with a letter from Validus Holdings Ltd. saying the Max Capital Group Ltd. overstated the financial benefit IPC shareholders would receive by accepting its offer.
The G-20 meeting generated a number of proposals that if implemented would have a strong benefit for U.S. insurers, according to officials at an industry trade group.
Less than a month after Max Capital and IPC Re announced their boards had approved a merger deal, Validus Holdings presented the IPC board with a second offer to merge with the property-catastrophe reinsurer valued at $1.68 billion.
In a report last week, the General Accounting Office advised Treasury to withhold $30 billion from American International Group until the company agrees to renegotiate contracts with employees and final counterparties.
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