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  • The US property and casualty industry is now "solidly entrenched in the soft phase of the market cycle", and a material improvement in pricing "does not appear imminent", according to Fitch Ratings.
  • Victims of the global fraud allegedly run by disgraced financier Allen Stanford have filed a class-action lawsuit against the Eastern Caribbean Central Bank (ECCB), five regional financial institutions and the government of Antigua and Barbuda.
  • Litigation Control Group Ltd, the insurance services company formed by ex-Lloyd’s debt collector Philip Holden, has acquired Trenwick Group’s run-off insurer Trenwick International Ltd.
  • Munich Re – the world’s largest reinsurer by premium – released first quarter results showing an improvement on the final quarter of last year, but massive deterioration on the comparable first three months of 2002. The German group conceded that results
  • For several years now the Russian reinsurance sector has been expecting a major storm to blow the Russian reinsurers away. To their relief, the reinsurers say it hasn't happened. Even better, they add, the growth rate last year for the domestic reinsurer
  • The trade association for Lloyd's insurers was accused of a "thinly veiled attempt to reduce London brokerage levels" last week as the war of words over broker remuneration broke out once again.
  • In line with many of its Bermudian peers, RenaissanceRe reported a rise in first quarter net income despite paying for exceptional catastrophe losses in the first three months of the year.
  • The spectre of asbestos has returned to haunt reinsurance giant Munich Re as it revealed in its full annual report this morning (20 March) a $600mn strengthening of loss reserves for related claims.
  • Outsourcing firm Accenture is out of the running for the potentially landmark contract to run Aon Ltd's back-office function, The Insurance Insider can reveal.
  • The 11 insurers embroiled in a $1bn dispute with JP Morgan Chase over Enron deals will pay in the region of $655mn after a last minute settlement was reached earlier this month. Discussions dragged on through New Year's Day and the following night, wit