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  • German insurance companies are set to enjoy substantial tax breaks, the German finance ministry has confirmed.
  • Embattled Security Capital Assurance Ltd (SCA) has fought back over its downgrade to junk status by Fitch Ratings, as analysts continue to warn over the knock-on impact on 46 percent owner XL Capital.
  • Advent Capital Holdings plc's senior management is not uncomfortable with its long-term partner Fairfax Financial Holdings having taken control of the company last week, The Insurance Insider understands.
  • American International Group Inc (AIG) is being investigated by the Securities and Exchange Commission (SEC) over its valuation of contracts linked to sub-prime mortgages, according to reports.
  • Zurich Financial Services Group (ZFS) has agreed to pay $455mn to settle a class action suit brought in California against its Farmers Group subsidiary (FGI) and a further $90mn in legal fees.
  • Insurers are not liable for covering any part of an $80mn settlement made by troubled investment bank Bear Stearns over its stock research practices, the New York Court of Appeals has ruled.
  • After weeks of speculation, Jacques Aigrain resigned as CEO of Swiss Re just days after the troubled reinsurance giant confirmed a hefty full-year 2008 loss and a series of measures to shore up its balance sheet.
  • The New York attorney-general’s extraordinary allegations of bid-rigging at Marsh - and some of the world’s largest P&C insurance companies - have stunned the industry.
  • With little in the way of underlying growth prospects or catastrophe losses to report, reserve releases and a partial reversal of investment losses are likely to dominate Q2 figures as the US and Bermudian earnings season begins in earnest this week.
  • Reinsurance spin-off Aspen Re has appointed bankers Credit Suisse First Boston and Goldman Sachs to advise on a possible $1bn+ US listing, according to sources.