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  • Alea will exit unprofitable business lines but has only seen rate reductions of 2 percent on average this year, the reinsurance group revealed last week in a trading statement that accompanied its annual general meeting.
  • Despite US legislation last year mandating insurers to provide compulsory terrorism cover, reinsurance companies appear reluctant to assume any of the new exposure. This was one of the many findings of the ratings agency Moody’s survey into the implementa
  • Global broker Willis has decided to change the domicile of its group holding company from Bermuda to Ireland.
  • Catlin Group Ltd is on track for its full-year forecast, as premium income remains flat in the first quarter of 2008, according to Numis Securities.
  • The sale of German state-owned run-off group BF Rückversicherung has taken a further twist following news that the joint bid by GLOBAL Rück and Randall & Quilter (R&Q) is no longer being actively considered, The Insurance Insider can reveal.
  • 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.
  • Outsourcing specialist Xchanging has said that revenue growth during the four months ending 31 October has been ‘slightly ahead’ of the board’s expectations in a bullish interim management, despite being ruled out of the bidding for the Lloyd’s messaging
  • While the financial reform bills being discussed by US Congress are centred around banking regulation, (re)insurers also have a lot riding on the fate of the confrontational legislation.
  • Seven insurers reached a $2bn settlement with World Trade Center (WTC) developer Larry Silverstein last week bringing to an end more than five years of litigation between the parties.
  • Swiss-based (re)insurer Glacier Group says it expects gross claims before reinsurance from Hurricanes Gustav and Ike of $6mn and $65mn respectively, based on industry loss estimates of $5bn for Gustav and $16bn for Ike.