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  • The Hartford Financial Services Group, has had the A+ financial strength ratings of its subsidiaries removed from review with negative implications and affirmed by AM Best, albeit with a negative outlook.
  • London-based aviation pool Global Aerospace Underwriting Management (GAUM)’s US unit Global Aerospace Inc leads the cover on the Continental Airlines jet which was destroyed as it crashed during take-off on 20 December, The Insurance Insider can confirm.
  • Former American International Group Inc. (AIG) CEO Hank Greenberg, described the firm as “Bleeding people and business” in an interview with CNBC.
  • Ratings agency Standard & Poor's (S&P) has affirmed its junk ratings on three catastrophe bonds affected by the collapse of Lehman brothers after their total return swaps were terminated and the three bonds met their scheduled 15 December interest payment
  • Troubled insurer AIG intends to merge two units of its major Asian life insurance entity American International Assurance Co Ltd (AIA) and list the restructured company in Hong Kong, according to reports.
  • Independent Lloyd's broker Tyser & Co has acquired a specialist treaty reinsurance broking team from RK Carvill & Co, the long-established reinsurance broker which announced it was closing down its operations earlier this month.
  • Bermuda-domiciled While Mountains' reinsurance arm, White Mountains Re, has announced the retirement of CFO Chuck Chokel and a subsequent management reshuffle.
  • French-headquartered reinsurer SCOR has been granted a Takaful reinsurance licence and a conventional reinsurance licence for its SCOR Global Life branch on the Malaysian offshore domicile of Labuan.
  • Ratings agency Standard & Poor's (S&P) has warned of soaring European corporate defaults in 2009 as the financial services sector heads for a sombre year.
  • The UK's Chartered Insurance Institute (CII) has abandoned plans for a merger with the Australian and New Zealand Institute of Insurance and Finance (ANZIF) after previously undisclosed revenue losses of A$1.5mn came to light.