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XL Capital intends to raise $1 billion in capital through an offering of fixed/floating shares. The new shares will not be exchangeable for, or convertible into, ordinary shares in the company.
From the money raised XL intends to purchase around $830...
DATE: Mar 13, 2007
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AUTHOR:
Scott Neil
Lloyd's of London insurer Kiln Plc said today is plans to set up a new parent company in Bermuda.
Kiln, which said its 2006 profit increased seven-fold on lower storm claims to £43.6 million pounds ($84 million), or 14.96 pence a share, from £5.8 mil...
DATE: Mar 13, 2007
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TOKYO (Bloomberg) — Millea Holdings Inc., Japan’s biggest insurer, will form a venture with JPMorgan Chase & Co. to provide reinsurance coverage for payments of death benefits and annuities in connection with variable annuity insurance policies.
Toki...
DATE: Mar 13, 2007
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TORONTO (Bloomberg) — Canadian stocks rose a fifth-straight day, extending a rebound from their biggest drop in nine months, as raw-materials companies including Teck Cominco Ltd. rose on higher metals prices and takeover speculation.The Standard & P...
DATE: Mar 13, 2007
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There was little movement on the Royal Gazette/Bermuda Stock Exchange yesterday as it moved up 9.86 points to close at 4,978.07 in moderate volume.
In the insurance sector Argus Group shares dipped ten cents (0.7 percent) to finish the day at $15 aft...
DATE: Mar 13, 2007
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NEW YORK (Bloomberg) — Citigroup Inc. may have to increase its $10.8 billion bid for Nikko Cordial Corp. after the Japanese brokerage’s four biggest shareholders — including Bermuda-based Orbis Investment Management Ltd. — rejected the offer as too l...
DATE: Mar 13, 2007
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LONDON (Bloomberg) — Hiscox Ltd., the Lloyd’s of London insurer that moved to Bermuda last year, returned to profit in the second half of 2006 after catastrophe claims fell and income surged at the international unit.Net income in the last half of th...
DATE: Mar 13, 2007
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Tucker's Point Club's public relations team has been given a silver award from the Hospitality Sales & Marketing Association International in recognition of excellence for its winning entry in the annual Adrian Awards competition.
More than 800 trave...
DATE: Mar 13, 2007
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AUTHOR:
Scott Neil
LONDON (AP) — Alliance Boots PLC, Britain’s largest chain of pharmacies, rejected a $9.7 billion ($18.7 billion) takeover proposal yesterday.Alliance Boots said the 1,000 pence ($19.32) per share offer from Kohlberg Kravis Roberts & Co. and its large...
DATE: Mar 13, 2007
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Stephen Catlin has come around to accepting the increasingly mooted argument that global warming will be a significant factor in increasing insurers’ losses in years to come.
The chief executive officer of the Bermuda-based Catlin Group, the biggest ...
DATE: Mar 13, 2007
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