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June 2012/5

  • Guy Carpenter's Young Professionals raises the bar; McConachie out to pasture early; Debby approaches US coast; Sodden June for UK; Typhoon season kicks off; Pioneering hire for BMS; Groupama in junk territory; Seven year stretch for SII transition?; New pilot for AIG leasing unit
  • US-based broker Lockton has sued former senior vice president of employee benefits David Bachrach for failing to pay back around $350,000 in outstanding membership contributions when he quit the firm.
  • A federal judge has dismissed the claims from two former Marsh & McLennan Companies employees that the broking giant, together with then-New York attorney general Eliot Spitzer, unfairly targeted them to take the blame in an investigation into bid-rigging.
  • Liberty Mutual Insurance and two of its subsidiaries have attempted to overturn a $450mn settlement by American International Group (AIG) that resolved claims it had cheated a workers' compensation programme by underreporting premiums in the industry pool.
  • The four former General Re executives and the American International Group (AIG) executive accused of defrauding investors through a phoney reinsurance transaction in 2000 have reached a resolution of the criminal case, according to a court filing.
  • Heads of state at the Los Cabos G20 summit have accepted the Financial Stability Board (FSB)'s proposals for strengthening its capacity, resources and governance and have allowed the Board a more active role as global financial watchdog.
  • The division of the UK Financial Services Authority (FSA) is costing the FSA, the Bank of England and the UK Treasury between £130mn and £175mn, according to the FSA's latest annual report, released last week.
  • Bermudian (re)insurer Argo Group has hired former BNP Paribas convergence expert Mark Gibson to the new position of director of alternative risk capital.
  • Two US state-sponsored reinsurance buyers were among the major winners at the fourth annual Trading Risk awards, which took place last week at a black tie ceremony held in London.
  • The Insurance Insider Data Room takes a look at the share price movements of US/Bermuda, Lloyd's/London and European (re)insurers and brokers
  • Analysts say it's too early to make a call on what Lancashire's pullback from direct and facultative (D&F) property business means for the London-listed insurer.
  • Despite near-record international catastrophe losses last year, London-listed (re)insurers are still awash with excess capital and ready to seize on any market dislocation or other underwriting opportunities, according to Espirito Santo analyst Joy Ferneyhough.