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  • Ratings agency Standard & Poor's (S&P) has upgraded the financial strength ratings of a number of Ace Group's operating companies from A+ to AA- with a stable outlook.
  • Shipping protection and indemnity (P&I) specialists at Willis have warned in a state-of-the-market report due out later today (13 December) that claims continue to climb to record levels, challenging the sector's recent financial recovery.
  • Beazley takeover target Hardy Underwriting has ended speculation about the identity of its new third-party backer by revealing it is the previously unnamed Bahrain-based Arab Insurance Group (Arig).
  • Lloyd's specialist (re)insurance group Chaucer Holdings has announced that its new international liability division is now accepting business.
  • The London insurance market wrote a record £31.9bn ($51bn) in business last year, fuelled by the continuing resurgence of Lloyd's and the weak pound
  • Reinsurance broker Guy Carpenter & Company has announced that it has been awarded the Wholly Owned Foreign Enterprise (WOFE) broking license by the China Insurance Regulatory Commission (CIRC).
  • R-T Specialty (RTS) has continued to build out its US platform with the acquisition of executive and professional liability specialist Oakbridge Insurance Services.
  • Lloyd's insurers will face an increase in the frequency, level and formality of regulatory interventions, the Corporation's new 2011-13 strategy document shows.
  • Global reinsurer PartnerRe has bought back $99.5mn of its shares in a privately negotiated transaction with an institutional shareholder.
  • American International Group (AIG) has agreed a deal with the Federal Reserve Bank of New York (FRBNY) and US Treasury Department that will ultimately recapitalize the bailed out insurer and pay down the $20bn outstanding on its government credit line.