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  • A group of former American International Group Inc (AIG) executives including former chairman Maurice “Hank” Greenberg have agreed to pay $115mn to settle a shareholder derivative lawsuit over payments made to the Starr companies.
  • As the US property and casualty (P&C) industry converges on Orlando, Florida, for the annual RIMS conference, one of the key themes is the impact the economic crisis is having on the market.
  • Embattled Lloyd's insurer GoshawK saw its share price tumble for the second time in three months as the company admitted it was under-reserved by an undisclosed amount.
  • Ascot founder Martin Reith and unknown financial backers are in takeover talks with Chaucer, The Insurance Insider can reveal
  • Flagstone (Bermuda) Holdings Ltd has agreed to buy out the remaining shares in its parent Flagstone Reinsurance Holdings owned by companies associated with founding former chairman Mark Byrne for $91.9mn.
  • US broker AJ Gallagher saw its fourth quarter net earnings rise to $16.8mn from $4.7mn in Q4, but undershot analyst estimates as organic growth proved sluggish.
  • Montpelier Re Holdings Ltd has appointed Christopher Harris to succeed founding CEO Tony Taylor who is stepping down this summer.
  • Troubled American International Group (AIG) has finalised its latest round of government funding – a $29.84bn purchase agreement with the US Treasury which it first announced in March.
  • The leveraged UK broker consolidator Towergate Partnership has refinanced its long-term banking facilities – a move that it says will enable its strategy of growth through acquisition to continue.
  • Embattled reinsurer Scottish Re Group Ltd has agreed to sell its non-US life reinsurance unit to US-based insurer Pacific Life insurance Company for more than $71mn.