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  • Tawa's shares took another hit on AIM this morning (23 March) after it reported a loss of $21.6mn in 2011 and the cancellation of its full-year dividend
  • President and CEO of Guy Carpenter Alex Moczarski, has assumed the additional role of chairman, Marsh & McLennan Companies (MMC) International, MMC has announced.
  • The 2012 hurricane season is likely to be less active than it has been on average over the past 30 years, forecasters Phillip Klotzbach and William Gray from Colorado State University have said in their latest long-range forecast.
  • Omega has paid an unknown sum to former CEO Richard Tolliday to settle a compensation case just before it was due to come to court in London, The Insurance Insider has learned
  • Hardy Underwriting's agreed sale to CNA at 1.53x book has positive read-across to the wider sector, with Novae in particular likely to benefit, according to first-reaction notes from analysts.
  • Lloyd's of London has delayed the submission of its internal model to the Financial Services Authority (FSA) until July. The model was originally due to be submitted for approval next month.
  • The UK Financial Services Authority's (FSA) stringent liquidity demands on larger insurance brokers have spurred the development of a new insolvency risk insurance product, according to accountancy firm Littlejohn.
  • Washington Mutual is suing its directors' and officers' (D&O) insurers in an attempt to recover up to $265mn underwritten by a group led by XL Specialty and Chartis subsidiary National Union Fire Insurance (NUFI).
  • A key European Parliament committee has approved the draft Omnibus II legislation, helping ease industry fears that lawmakers would miss tight deadlines required to get the Solvency II legal framework in place for a 2014 launch
  • Corporation tax in the UK will be cut by 2 percentage points to 24 percent this year and by a further 2 percentage points by 2014. The move was unveiled in the UK government's latest budget, which contains a number of pro-business and pro-insurance measures.