Santa Barbara Fire to Cost in Excess of $130 Million

According to several reports, the cost of the Santa Barbara fire that burned over 8,000 acres and destroyed close to 80 residential homes may exceed $130 million dollars representatives from First American Spatial Solutions (FASS) said. 

While the amount of the loss appears to be large, it could have been worse given the large geographic exposure, the large population and the magnitude of the fire. 

Representative from FASS estimates that it values the average property damage to be approximately $1.2 million per property. 

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Lloyd’s Obtains License to Increase Its Influence In Europe’s Ninth Largest Market

Reports circulating today indicate that Lloyd's has received an "establishment license" to expand its marketshare in Portugal.  The agreement will specifically allow Lloyd's underwriters to appoint certain coverholders to assist them in writing additional policies in Portugal.  Prior to the agreement, Lloyd's was writing  approximately £17.m of non-life gross premiums in that country. 

According to Jose Ribeiro, a director in Lloyd's International Marketing Division, Portugal is Europe's ninth largest market and, with the expansion, Lloyd is certain to increase its marketshare in that country and he would not be surpised if Lloyd's

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Life Insurers Approved for Treasury Funds

At least four U.S. insurers won approval on Thursday to raise billions of dollars through the government's bank bailout plan, the U.S. Treasury Department said.

Hartford Financial , the No. 4 U.S. insurer and beset by worries about capital, got preliminary approval to raise $3.4 billion via the Troubled Assets Relief Program, known as TARP.

Three other insurers that also secured a greenlight included Prudential Financial Inc Lincoln National Corp., and the Principal Financial Group a Treasury spokesman said.

The Wall Street Journal reported that

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Bermuda Supreme Court Denies Validus’s Request – Clear Path to Closing of IPC Holdings/Max Capital Amalgamation


IPC Holdings, Ltd. (Nasdaq:IPCR) (BSX:IPCR BH) issued the following statement regarding yesterday's decision by the Supreme Court of Bermuda Commercial Court not to grant Validus Holdings, Ltd.'s request for an expedited trial on the litigation brought by Validus against IPC and Max Capital Group Ltd. (Nasdaq:MXGL) (BSX:MXGL BH).

"We are pleased with the Court's ruling. Despite Validus's efforts, the litigation, which we believe is without merit, will not be an impediment to closing our combination with Max and creating a world-class specialty insurer and

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Hiscox Announce Major Position Shift in US & London Markets

On April 20, 2009, Hiscox announced several group restructuring the United States and London markets. With respect to Hiscox USA, all business will be now run as a single operation with Richard Watson, former manager director of Hiscox’s Global Markets. Hiscox also announced that its London operation will focus exclusively in the London Market while Hiscox Global Markets division will now separate into the United States and London markets exclusively.

By Jeffrey L. Kingsley


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