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  • Mo Tooker will take over as president at General Reinsurance Corporation in the first quarter of next year when John Cholnoky steps down from the post and retires from the company.
  • Munich Re has agreed to buy Bermudian reinsurer RenaissanceRe's weather risk trading unit for an undisclosed sum, the companies announced today (3 September).
  • The British Insurance Brokers' Association (Biba) has condemned the UK Law Society's plans to launch a professional indemnity (PI) broking joint venture for small law firms as "ill-informed" and "self-promoting"
  • Weekly share price movements and key data on The Insurance Insider's universe of P&C (re)insurers and brokers
  • AM Best has reiterated its A financial strength rating for Lloyd's of London and praised the market's strong capitalisation, financial flexibility and excellent operating performance.
  • The alternative reinsurance market is wreaking "creative destruction" in the sector, which will force traditional players to adapt their business models, according to Goldman Sachs analysts.
  • A $10bn increase in US insurers' losses from asbestos claims could have a follow-on impact on European reinsurers, according to a new report from RuxleyResearch, a division of the legacy insurer Ruxley Ventures.
  • A US state insurance commissioner has damned the credentials of a peer review from the G20's Financial Stability Board (FSB) that called for a federal system of US insurance regulation.
  • A European Commission spokesperson has told The Insurance Insider that it would take only two months to decide if the UK's planned flood reinsurance scheme counted as state aid to the insurance industry.
  • Class action lawyers are urging Tower Group shareholders to litigate against the NYSE-listed Bermudian (re)insurer and its management, alleging that it filed "false and misleading" reports that artificially inflated the company's stock price.