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  • The Conservative Party has abandoned immediate plans to abolish the UK regulator the Financial Services Authority (FSA) as a concession to its coalition partners the Liberal Democrats.
  • The new UK Chancellor George Osborne last night hinted that the coalition government would not dampen the Conservatives' commitment to scrutinise a tax policy paper prepared by The Insurance Insider's London 100 group.
  • The fine art insurance market has been spared a potential EUR500mn mega-loss after the audacious theft of five masterpieces from the Museum of Modern Art in Paris last night (19 May), The Insurance Insider understands.
  • As concern about contagion from the financial crises in the Eurozone grows, the German financial regulator has banned naked short selling of stocks in key financial services companies including Munich Re and Hannover Re.
  • The European Union has expressed strong opposition to "anti-competitive" US tax proposals, which it says could result in the withdrawal of non-US operators from the US reinsurance market.
  • Fairfax Holdings CEO Prem Watsa, who raked in $2.5bn betting against credit default swaps (CDS) at the height of the financial crisis, has started investing in US commercial real estate.
  • American International Group (AIG) has announced that Henri Courpron will serve as the fourth CEO within the last six months of its embattled aircraft leasing business.
  • Omega Insurance shareholders are still none the wiser as to the future strategic direction of the company in the wake of its March boardroom coup as the company released its Q1 interim management statement.
  • Bermudian Flagstone Re has secured shareholder approval for a $50mn share buyback programme, in the strongest indication yet that M&A will not be on the cards for the reinsurer in 2010.
  • Marsh's wholesale division, Bowring Marsh, has opened an office in Tokyo as part of plans to expand in Asia in 2010.