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  • Accounting rules for (re)insurers writing long-tail risks and using one of the two recognised international standards are likely to get more complicated, following proposed changes announced last week.
  • The far-reaching US Wall Street Reform and Consumer Protection Act will increase business opportunities for the London market and make it easier for companies to insure US risks, according to the International Underwriting Association (IUA).
  • Swiss drilling contractor Transocean faces 249 separate lawsuits stemming from the total loss of the Deepwater Horizon oil drilling platform in April
  • Jardine Lloyd Thompson (JLT) has entered the space market, winning its first contract with top-10 satellite operator Arabsat.
  • Ex-Besso broker Timothy Barker was jailed for three-and-a-half years for a fraudulent scheme to inflate performance figures and boost his bonuses.
  • Marsh and its reinsurance arm Guy Carpenter both secured modest organic growth and margin improvements, as parent company MMC returned to the black with a 28 percent rise in adjusted profits for the second quarter.
  • Global broker earnings releases in H1 brought the divide in growth potential between the mature economies and the developing markets into sharp focus.
  • Australian (re)insurer QBE has reshuffled its senior management, inviting speculation as to who will emerge as the frontrunner to succeed long-standing CEO Frank Halloran, 63, when he retires.
  • French insurance giant Axa saw net income for the first half of 2010 drop 28 percent to EUR944mn, after sustaining a EUR1.48bn loss related to the sale of part of its UK life operations earlier in the year.
  • German insurance leviathan Allianz Group reported a 22.7 percent rise in operating profit to EUR2.2bn for the second quarter.