And also this week...
Rights issue for RSA
RSA is considering a rights issue in the next two weeks of up to $1bn (£614m), according to media reports. The plans come after the insurer announced that it intended to repay two tranches of corporate debt with a total value of €500m (£439m).
Sagicor’s income plunges
Sagicor Group’s net income dropped to $40.4m (£30m) for the first six months of 2009, compared with $45.4m for the same period last year. Sagicor at Lloyd’s recorded a foreign exchange translation loss of $9.4m.
£110m loan for Xchanging
Xchanging plc has secured a £110m syndicated term loan and revolving credit facility, led by Lloyds TSB. The initial loan was to be £90m but was increased due to demand in the syndication.
Specialist fraud team
Cunningham Lindsey has created a new investigations team in response to an increase in suspected fraud in major loss claims. The team – developed by the company’s fraud management director, Mike Boon – combines specialist adjusters with investigators skilled in identifying potential fraud.
QBE has appointed Iain Bickers as senior motor trade underwriter, based in Leeds. He was previously a senior underwriter at Aviva.
Markel buys MGA
Markel International has bought Canadian managing general agent Elliott Special Risks (ESR), from Newport Partners Income Fund for C$75m (£42m). Newport bought an 80% stake of the MGA for C$56m four years ago.