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December 2011/2

  • Pleural plaque sufferers will be able to seek compensation for their condition when new rules come into force this week in Northern Ireland.
  • German run-off acquirer Darag has confirmed a 70 percent growth in its administered loss reserves during 2011 and has struck a bullish tone on its projected growth for the year ahead.
  • Lehman Brothers has agreed a $417mn settlement with a raft of banking underwriters, taking the total pending settlements in class action lawsuits relating to the investment bank's collapse to $507mn.
  • Two US agencies appear set to clash in the courtroom after the Securities Investor Protection Corporation (SIPC) again rejected demands that it compensate investors in Allen Stanford's alleged Ponzi scheme.
  • Halliburton has countered accusations that it allegedly destroyed evidence that implicated the services giant in some of the blame for the Gulf of Mexico oil spill last year.
  • Aon Benfield is facing another lawsuit over the alleged non-payment of loyalty fees to a Florida insurer.
  • UK (re)insurers have learned further details on how they may be permitted to plough ahead with their Solvency II implementation, despite the likely legislative delays, and adopt their internal model data as initially scheduled on 1 January 2013.
  • UK city minister Mark Hoban hailed the UK government's announcement last week on the reform of taxation of foreign profits, a move that has already been widely welcomed within London for improving the competitiveness of the market.
  • The European (re)insurance industry has become too hung up on the Pillar I capital aspects of the new Solvency II regime and has not paid enough attention to the risk management elements, Karel Van Hulle, head of the European Commission's insurance and pensions unit has said.
  • The issue of how Solvency II treats volatility and cyclicality, such as in the current Eurozone crisis, emerged as one of the major themes at the Association of British Insurers' conference
  • The European Commission (EC) has held high-level discussions about whether the sovereign debt of member countries should remain "risk-free" under Solvency II rules during the on-going Eurozone debt crisis.
  • Quoted Lloyd's insurer Amlin is turning to the cat bond market for the first time through its new Tramline Re offering, seeking aggregate reinsurance cover for peak US and European perils.
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