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  • Canadian broker Hub International Ltd has stepped in to purchase Near North National Group weeks after Near North’s management agreed the sale to private equity firm Frontenac.
  • Giant European reinsurer Swiss Re was today (28 July) downgraded by rating agency Standard & Poor’s (S&P), lowering its financial strength and long-term counterparty credit ratings from AA+ to AA. The outlook remains stable.
  • Ernst & Young, the big four accountant facing a £2.6bn claim from Equitable Life, has only limited professional indemnity protection from Swiss Re, one of the world’s largest reinsurance companies.
  • Reinsurance brokers RK Carvill look set to lose a prime $30mn brokerage account after their clients XL Capital put the contract out to tender to three rival firms.
  • The rating agency Standard & Poor’s is primed to raise its BB+ financial strength rating on embattled German insurer Gerling on imminent news that it has raised equity funding of at least EUR75.5mn.
  • CSFB’s professional liability insurers do not need to reimburse the bank over its $100mn settlement with the Securities and Exchange Commission, a US State Supreme Court ruled last week.
  • Safe havens for stricken ships – not double hull tankers – are the answer to oil spill pollution problems in the long term, according to a senior marine lawyer.
  • New FSA chief heralds non-life regime to match capital with risk Incoming chief executive of the Financial Services Authority (FSA) John Tiner focussed on company failures in the London market last week as he announced plans to reform capital adequacy
  • United Airlines has filed a $25mn complaint in the US District Court in the Southern District of New York against AIG over the insurer’s refusal to pay for business interruption losses after the 9/11 attacks.
  • Sphere Drake’s 8 July victory in the UK High Court over exposures to workers’ compensation carve-out reinsurance has forced the Lloyd’s broker Stirling Cooke Brown Insurance Brokers Ltd into administration.