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  • AIG was up by as much as 3.8 percent in intra-day trading as Bank of America Merrill Lynch (BofA) added the global insurer to its list of top US investment opportunities and investors took the opportunity to buy after a sharp drop off in the share price in recent days.
  • A group of 21 (re)insurers and brokers have backed the launch of a new catastrophe modelling framework, the Oasis Loss Modelling Framework, at a time when the cost of existing models has spiraled for many (re)insurers and brokers.
  • AmTrust, unrated Danish insurer Alpha Insurance, QBE and Travelers have expanded their share of the UK solicitors' professional indemnity (PI) market
  • The storms that battered the UK between 23 December and 8 January will cost insurers some £426mn ($705mn), according to the Association of British Insurers.
  • Lloyd's managing agent Marketform has secured the consultancy services of experienced marine practitioner Howard Franks, who will work with cargo underwriter Nicholas Edwards to develop growth opportunities.
  • Expansive Florida-based insurer Universal Property & Casualty Insurance Company (UPCIC) is looking to add three more states to its US footprint with applications to write business in Indiana, Minnesota and Delaware.
  • Sedgwick is changing private equity ownership again after Kohlberg Kravis Roberts & Co (KKR) and the claims specialist's management agreed a $2.4bn deal to buy-out a majority stake from its current investor group which includes Stone Point Capital and Hellman & Friedman.
  • JLT Towers Re has won the sizable New South Wales Treasury Managed Fund reinsurance account after winning the Queensland Government Insurance Fund in 2013, sister publication Inside FAC revealed last week.
  • Over £8mn has so far been paid to investors mis-sold advice about the disgraced fund manager Arch Cru by independent financial advisers (IFAs), the Financial Conduct Authority (FCA) said today (27 January)
  • Broker stocks came under selling pressure last week, with all the major intermediaries seeing a drop in their share prices