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  • The UK's City minister, Lord Myners, last week dumped controversial plans for allowing US-style class actions in order to ensure the Financial Services Act 2010 passed into law before next month's general election.
  • Audley Gilroy-controlled start-up (re)insurer Grafton is seeing strong demand in Europe, according to sources.
  • American International Group (AIG) has reached a $9mn out-of-court settlement with the Ohio attorney general over accusations that it colluded with Marsh to create fictitious quotes designed to simulate competitive bidding.
  • Ramani Ayer, the former chief executive of Hartford Financial, will receive a $39.9mn lump sum pension payout in May, according to regulatory disclosures.
  • American International Group (AIG) shareholders are likely to receive nothing after the restructuring of the company is complete, according to US hedge fund heavyweight Steve Eisman.
  • The European Union body charged with finalising the terms of Solvency II has confirmed that the solvency requirements in its next quantitative impact study (QIS5) will be even more demanding.
  • Lloyd's (re)insurer Beazley Group has announced that it will change its reporting currency from sterling to US dollars from 2010.
  • Soft market conditions are persisting in the US market, with the latest data from the MarketScout insurance exchange showing composite rates for property and casualty coverage down four percent for March 2010.
  • William Gray's team at Colorado State University confirmed its December long-range forecast of an above-average year for hurricane activity in the Atlantic basin.
  • The Perils industry loss collation service has completed its first live cat loss estimate, putting losses from Windstorm Xynthia at EUR1.28bn.