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June 2010/1

  • Pru walks (reluctantly); AIG subprime pain lingers; Cash Byrne; Endurance end; Quinn queue; Worman's progress; Watsa punt...
  • Oz grief; Canopius closes in; Walsham sale; Omega recruits; Chaucer's tale; Lloyd's East...
  • KPMG scrutinises FirstCity contracts; Alea sees improvements in MBS book
  • One of the largest gatherings of the UK and international P&C legacy market takes place this month with the R&Q commutations Rendez-Vous in Norwich, UK.
  • UK regulator the Financial Services Authority (FSA) has upped its budget by almost 10 percent to £454.7mn for the next financial year.
  • Broking houses in the UK approach higher-risk business involving third parties "far too informally", according to the Financial Services Authority (FSA).
  • The new UK chancellor George Osborne has hinted that the coalition government would not dampen the Conservatives' commitment to review a tax policy paper prepared by The Insurance Insider's London 100 group.
  • US Senate approval of the Democrats' sweeping Wall Street regulatory reform bill has all but cemented the creation of an Office of National Insurance (ONI) within the Treasury.
  • Kingsway Financial Services (KFS) returned to the black in the first quarter, despite a net operating loss and its combined ratio ballooning by 30.4 percentage points from a year earlier to 136.2 percent.
  • Swiss Re and six Lloyd's syndicates have been named as defendants in a US lawsuit over alleged non-payment of claims, in which diamond wholesaler Lazare Kaplan (LKI) is seeking $640mn in damages.
  • Disgraced financier Allen Stanford has written personally to the US judge presiding over the Stanford Financial Group (SFG) directors' and officers' (D&O) dispute to ask to be allowed his own choice of counsel.
  • US wholesaler CRC Insurance Services has moved its legal fight over 120+ staff that defected to new rival Ryan Specialty Group (RSG) last month to the Chicago courts.