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  • A massive workers’ compensation fraud ring included 10 Los Angeles lawyers who collaborated with a pair of business owners to recruit thousands of mainly Spanish-speaking immigrants to make bogus injury claims which may have totalled more than $300mn, authorities said yesterday.
  • High net worth specialist The Pure Group (TPG) has expanded its recently launched excess and surplus lines (E&S) platform into South Carolina.  
  • London-listed venture capital and private equity investor BP Marsh & Partners has yet to be won over by InsurTech start-ups looking for financing, despite an increase in the pitches it receives
  • Hudson Structured Capital Management and MultiStrat Advisors closed their first deal, which involves a $35.3mn reinsurance vehicle into which Hudson has invested $20.1mn in preferred shares
  • Expansive broking house AJ Gallagher has added another agency to its growing stable with the acquisition of Armstrong/Robitaille/Riegle in Ann Arbor, Michigan
  • Consolidated broker holding company KIRS Group priced about £800mn ($1.04bn) in debt today through sales of five-year securities that carry rates well above high-yield bond benchmarks
  • Credit ratings agency Standard & Poor's (S&P) has lowered AIG's rating outlook to negative from stable, saying the company has been "subpar" at meeting targets. The revision comes less than a month after former Hamilton CEO and chairman Brian Duperreault took the reins as AIG CEO.
  • Bermudian (re)insurer Arch Capital said losses from its property facultative reinsurance book will erode $38mn from its pre-tax underwriting profit in the second quarter
  • No one can blame Maiden for doing its best to defend its business and sagging share price from collateral damage inflicted by sister company AmTrust, and in an investor presentation this week company leaders did just that
  • Credit ratings agency Standard & Poor's has lowered AIG's rating outlook to negative from stable, saying the company has been "subpar" at meeting targets.