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  • Scor is set to take its challenge against Caisse Centrale de Reassurance (CCR)'s "virtual monopoly" of the French property cat reinsurance market to the European authorities after losing out in a French Constitutional Council hearing.
  • Ailing (re)insurer Tower Group is working with Barclays Capital and Bank of America, in addition to JP Morgan, as it seeks a solution to the reserving crisis that has sent its share price plummeting, The Insurance Insider has learned.
  • The London company market wrote almost £18bn in gross premium last year, with a further £6.2bn under the control and management of London operations, market body the International Underwriting Association (IUA) announced today (27 September).
  • Canaccord Genuity insurance analyst Ben Cohen today (27 September) downgraded his recommendation on UK insurer Amlin's shares from "buy" to "hold", citing mounting competition in the reinsurance market.
  • AM Best has assigned a bb rating to the $150mn mandatory convertible preferred stock issued by Bermudian reinsurer Maiden Holdings.
  • Validus Holdings is launching a Swiss underwriting company using the existing operations of Flagstone Reassurance Suisse that were inherited with the acquisition of its fellow Class of 2005 (re)insurer last year.
  • XL Group estimates it will take a net loss of $60mn from the series of hailstorms that struck Germany and France in late July.
  • Tower Group has bowed to the pressure of a precipitous fall in its share price amid uncertainty about a black hole in its reserves by appointing JP Morgan to sell the business, The Insurance Insider can reveal.
  • The UK's Chartered Institute of Insurers (CII) has criticised proposals set out in planned water legislation that would oblige the industry to cover households deemed at high risk of flooding
  • Insurers are being pushed towards riskier investments in an attempt to appease shareholders as quantitative easing (QE) drives down returns, a study by investment manager BlackRock suggests.