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  • Validus' diversified business model and its ability to complement that of AIG was the driving force behind the US insurer's $5.56bn takeover of the Bermudian, AIG president and CEO Brian Duperreault said.
  • AIG has agreed to acquire Bermudian carrier Validus in a $5.56bn deal
  • Gail Cook has joined Lockton from Zurich, where she was head of financial lines.
  • Beazley has recruited a trio of financial lines underwriters, as the Lloyd's insurer continues to expand its presence in mainland Europe.
  • Windstorm Friederike caused estimated insured losses of EUR800mn ($979.9mn) in Germany, according to actuarial firm Meyerthole Siems Kohlruss (MSK).
  • QBE has hired Aaron Gavin from Allianz to the position of head of SME for its Australian and New Zealand operations
  • Arch Underwriting has appointed Alison Percival as regional manager for financial lines at its Australian business
  • Alternative capital funds and small reinsurers are likely to lift their loss estimates from hurricanes Harvey, Irma and Maria (HIM), according to Jefferies.
  • AIG CEO Brian Duperreault has become the latest executive to warn of an insurance brain drain, noting last week that 400,000 people are slated to leave the industry in the next few years
  • MetLife and the US Financial Stability Oversight Council formally sought to end the big life insurer’s status as a systemically important financial institution yesterday, which would leave New Jersey’s Prudential Financial as the last insurer under Federal Reserve oversight as a Sifi.