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  • Aon Corp is now significantly more than a global insurance brokerage with bolt-ons, following its $4.9bn swoop for Hewitt Consulting last year.
  • US insurance group American Financial Group (AFG) reported an 8 percent year-on-year drop in full-year earnings for 2010 to $479mn due to deteriorating results from its specialty P&C operations
  • AIR Worldwide has put an estimate of insured losses from the Category 5 Cyclone Yasi that hit Australia's east coast at midnight Wednesday (2 February) at between A$350mn ($354mn) and A$1.5bn.
  • Australian insurer QBE has put its combined net cost burden from the recent flooding and typhoon activity that has hit the country at $245mn.
  • Australian insurer QBE has confirmed a deal with Bank of America that sees it pay $700mn up front for the distribution rights and portfolio of the US bank's specialist force placed business Balboa.
  • Allianz PLC, the Irish subsidiary of global insurance giant Allianz, has had its financial strength rating downgraded to A- from A by S&P to reflect the corresponding downgrade for Ireland's sovereign debt.
  • Ryan Specialty Group has launched a managing general underwriter (MGU) for US excess casualty business - its second MGU launch in the last fortnight.
  • Oxford Insurance Brokers, the UK subsidiary of Randall Goss-led US Risk, has recruited Tony Coleman to spearhead its bid for growth in the UK wholesale professional indemnity market following a cash influx from BP Marsh last year.
  • Global specialty insurer Ace has revealed a threefold increase in pre-tax catastrophe losses for 2010 to more than $400mn, along with guidance that this figure for 2011 already stands at $370mn.
  • The catalyst for a turn in the pervasive soft market conditions of the insurance underwriting cycle does not have to be a major event, according to MMC chairman and CEO Brian Duperreault.