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  • A late night deal has been agreed on Omnibus II after eight hours of negotiations in Brussels, according to Sharon Bowles, chair of the European Parliament's economic and monetary affairs committee.
  • Tower Group will be forced to restate prior period financial statements due to "inadvertent mistakes" it has discovered, the troubled insurer admitted today in a filing with the Securities and Exchange Commission
  • AM Best has upgraded the issuer credit rating (ICR) of Allied World to a+ from a, citing the (re)insurer's diversified business mix, "excellent" risk-adjusted capitalisation and track record of strong results
  • The European Union is today (13 November) mounting its most concerted attempt so far to reach a deal on the long-delayed Solvency II capital regime, with officials embarking on a marathon six-hour meeting in Brussels to try to thrash out a final compromise
  • Former Willis executive Don Bailey is returning to the broking industry as head of sales at Marsh's US and Canada division following a stint at insurance giant Allstate Corp.
  • Blue Capital Re, the ILS-focused investment fund backed by Bermudian reinsurer Montpelier Re, yesterday (12 November) closed its initial public offering after raising total proceeds of $225mn.
  • Risk modelling agency Eqecat has forecast that total claims from Super Typhoon Haiyan, which devastated parts of the Philippines at the weekend, will not exceed $100mn.
  • Thirty insurers and other financial services firms have opened for business at Casablanca Finance City, Morocco's recently-launched regional financial centre, and the Africa-focused finance hub hopes to attract more new entrants in the weeks to come, its chief executive said.
  • Esure, the UK motor and home insurer founded by entrepreneur Peter Wood, is on track to hit analysts' forecasts for the full year despite "challenging" market conditions, it said today (13 November).