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  • Aon has acquired an 80 percent stake in Spanish insurance broker GDS in a deal that could foreshadow further transactions using the firm's cash surplus once its relocation is complete later this year.
  • Despite forecasting "modest" premium rate increases for 2012 and 2013 and improving combined ratios, the US property casualty industry is expected to underwrite at a loss for the next two years, according to research firm Conning.
  • Bermudian Arch has been upgraded to A+ by AM Best for its "superior" operating performance and "excellent" capitalisation.
  • Cat specialist Montpelier Re and Japanese big three member Mitsui Sumitomo are among the companies that have expressed interest in acquiring the up-for-sale Lloyd's (re)insurer Hardy Underwriting, The Insurance Insider can reveal.
  • Europe's forthcoming Solvency II regime is widely predicted to be a boon for the legacy management sector, as (re)insurers look to spin off discontinued books to professional management in order to avoid capital charges.
  • The increased focus on run-off portfolios created by the incoming Solvency II regime (see above story) will lead to greater use of schemes of arrangement by continental (re)insurers, according to PricewaterhouseCoopers' scheme tsar Dan Schwarzmann.
  • Elaina Apatoff, a sufferer of asthma and pulmonary hypertension, has sued Munich Re in the US after the reinsurance giant dismissed her from her job.
  • Brokers will no longer be liable to pay the premium in the event that an insured becomes insolvent or refuses to pay, if proposed changes by the UK Law Commission are accepted.
  • A Dutch court has sanctioned a securities class action suit for investors in the late-2001 carve-out of Zurich Financial Services (ZFS)' reinsurance arm Converium, the first collective settlement to be agreed on a transatlantic basis.
  • Royal Bank of Scotland (RBS)'s newly restructured insurance operation has been fined £2.2mn by the Financial Services Authority (FSA) for failing to prevent documents submitted to the UK regulator from being improperly altered.