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  • Standard & Poor’s has lowered American International Group’s prized credit, debt and financial strength ratings following revelations of the insurance giant’s involvement in “inappropriate financial transactions”.
  • The US Federal Reserve has taken further strong action in a bid to ease fears of a freezing up of credit markets that has sent US financial stocks on a downward spiral in recent days, and led to fears of a squeeze on insurance linked securities (ILS) dema
  • Munich Re has launched a $260mn cat bond to cover earthquake risk for the East Japan Railway Company (EJRC) in a sign that insurance linked securities (ILS) demand remains undiminished by recent credit markets turmoil.
  • With Lloyd's global capacity thought to see a moderate fall at the start of 2008, new start-ups have played a significant part in offsetting de-emptions by some of the market’s larger players.
  • German insurance leviathan Allianz Group reported a 22.7 percent rise in operating profit to EUR2.2bn for the second quarter
  • Fitch Ratings launched the formal European “introductory period” of Prism, the agency's global insurance capital model on 4 October.
  • A dispute between RSA plc and BAE Systems over a multi-million dollar reinsurance claim on a policy structured to cover revenue shortfalls on aircraft leased for regional routes is to be heard by the courts at the end of September.
  • Lloyd’s is so excited about its dotcom project Blue Mountain which, aims to revolutionise the industry, that it has agreed to provide further funding In July ACE invested another £1mn into a revolutionary new electronic project that plans to slash cost
  • Despite improvements in underwriting, an increased tax burden and lower investment results meant the US property & casualty insurance industry saw its net income after tax fall almost ten percent in the first half of 2006. According to figures from ISO..
  • Mitsui Sumitomo at Lloyd's has appointed Graeme Rayner to lead its P&C underwriting as the firm continues to seek growth in its UK and Irish offerings