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  • Chartis Insurance UK has been ordered to pay out over £4mn including legal fees to a group of UK insurers following a legal battle over property insurance claims from the developers of a waste recycling plant, The Insurance Insider can reveal.
  • Allstate Insurance Company has filed a $30mn insurance fraud lawsuit against 52 New York doctors, attorneys and medical clinics alleging their involvement in a fraud scheme using the state's "no-fault" auto insurance laws.
  • Former American International Group (AIG) chairman and CEO Maurice "Hank" Greenberg lost an appeal to dismiss a state fraud lawsuit against him and former AIG CFO Howard Smith over two suspect reinsurance transactions.
  • Travelers is seeking to raise $150mn from a new issuance of its Longpoint Re cat bond series in its first ever indemnity deal with the capital markets, sister title Trading Risk understands.
  • With non-traditional reinsurers established as a key provider of US cat capacity, buyers have nevertheless been urged to be cautious over the collateralised writers they select as a counterparty.
  • ILS fund manager Nephila Capital has bulked up its assets under management (AuM) by more than $1bn over the past year, shoring up its position at the top of the industry leaderboard.
  • Chris McKeown, the former head of New Castle and CIG Re, is returning to the convergence market as CEO at Bermudian fund manager Juniperus.
  • Munich Re said it plans to deploy similar capacity in the upcoming US hurricane renewals as it has in past years after cutting back its property cat writing earlier this year.
  • The top-listed Lloyd's insurers revealed generally upbeat commentary on the January and April renewals in their first quarter interim management statements, but also revealed a noticeable divide on rate prospects.
  • Benjamin Franklin once said that out of adversity comes opportunity and so it appears for our (re)insurance universe, with significant top-line growth coming after a tumultuous and catastrophe-ridden 2011.