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  • US insurer Tower Group reported first quarter income of $25.7mn on improved investment income and lower expenses.
  • Paraline Group CEO and founder Jack Graham is stepping aside to take on a strategic role to build out the private equity-backed (re)insurer's Lloyd's and international platform
  • Modelling firm Eqecat has raised the top end of its market loss estimate for the Japanese quake and tsunami by 56 percent from $25bn to $39bn.
  • Aon founder Pat Ryan is close to becoming the first broker to directly own a Lloyd's insurer for some thirty years after agreeing terms to buy the up-for-sale business, Jubilee Group.
  • The devastating outbreak of thunderstorms and tornadoes that hit the Southern and Southeastern US in late April is expected to cost insurers between $3.7bn and $5.5bn, according to cat modeling firm AIR Worldwide
  • PXRe, a subsidiary of run-off investor and insurance service provider Tawa, has received approval from the Connecticut Insurance Department to withdraw $22.8mn in the form of a cash dividend to its immediate parent WT Holdings Inc.
  • The Bermuda Monetary Authority (BMA) has issued updated guidance notes for (re)insurers applying to use an internal capital model, as the island continues the quest for international recognition of its regulatory regime.
  • The Atlantic Mutual Insurance Company, which survived a colossal loss as the insurer of the Titanic, has been placed into liquidation in New York after adverse loss developments.
  • The cat bond market shrank in the first quarter of 2011 and uncertainty over traditional reinsurance rates may stall the sales pipeline for the rest of the year, according to GC Securities.
  • A potentially game-changing ruling in a Rhode Island court has approved a commutation plan for a solvent insurer to extinguish its liabilities without going into insolvency.