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  • Allianz continued its strategic stake-building in the UK distribution chain this month, with confirmation that it has acquired a 10 percent minority share of Yorkshire-based broker The Oval Group, as predicted by The Insurance Insider in September.
  • Scandinavian insurer Tryg Vesta has responded to fears that its UK (re)insurance subsidiary, Chevanstell Ltd - formally Tryg-Baltica International (UK) Ltd (TBI UK) - may be insolvent. After years of underwriting losses, TBI UK was placed into run-of
  • Bavarian giant Munich Re moved a step closer to restoring its once cherished double A rating today, with the news that Standard & Poor’s (S&P) had revised its outlook on the company’s A+ rating from stable to positive.
  • The National Oceanic & Atmospheric Association (NOAA) has forecast that 2006 will be another "very active hurricane season" in the North Atlantic.
  • Richard Scruggs, the lawyer who successfully fought the tobacco companies in a series of class actions, is facing disbarment from the Mississippi Bar Association after pleading guilty to bribing a judge.
  • Swiss Re has successfully closed its $150mn Vega Capital Ltd collateralised risk obligation (CRO) transaction, while Allstate also bought its second $250mn Willow Re cat bond to market, our sister publication Trading Risk revealed.
  • Independent Lloyd's broker Howden is building a team to strengthen its general liability practice.
  • Net income for the US property & casualty (P&C) insurance industry has almost halved in the first quarter of 2008 after heavy losses in underwriting results, according to the US P&C associations.
  • World’s largest insurer AIG said last week that its fourth quarter results included a net post-tax charge of $126.9mn, or $0.05 per share, in connection with late reported losses from hurricanes and typhoons in the third quarter.
  • Martin Sullivan has resigned as chief executive of American International Group (AIG) after bowing to mounting shareholder pressure over the company’s performance that has slumped on heavy credit losses.