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  • Willis is suing former employee Kevin Cummings, alleging that the executive broke the terms of his employment contract and other agreements after he quit his position and joined rival broker Lockton. The suit was filed in the New York State Supreme Court on 22 September.
  • One of the world’s worst kept secrets finally became public last week when New York attorney general Eliot Spitzer announced plans to run for state governor.
  • Insurance broker Willis Group Holdings revealed it would be reducing its headcount by an extra 100 people as it announced its annual profits had grown to $449mn last year, compared to $281mn in 2005.
  • Law firm Johnson & Weaver is investigating whether members of Tower Group's board of directors breached their fiduciary duties by agreeing to the proposed takeover by ACP Re
  • Aviation rates were on average 17 percent lower on a risk-adjusted basis in the first half of the year, Aon's latest aviation report shows.
  • A panel of High Court judges has thrown out an appeal by reinsurers against Justice Morison’s 21 December 2004 judgement in favour of claimant reinsureds and defendant brokers on all points in the notorious Aon 77 dispute.
  • In contrast to the general fall in reinsurance rates at the 1/1 renewals, political risk/surety business saw widespread hardening as reinsurers priced in the prospect of losses from the global economic downturn in 2008-09.
  • UK regulator the Financial Services Authority (FSA) and Lloyd's have formally approved the proposed Brit Insurance takeover by the private equity duo Apollo and CVC.
  • Munich Re, the world's largest reinsurer, announced last week that it will launch one of the largest ever reinsurance rights issues, worth at least €3.8bn (£2.6bn).
  • ExxonMobil could be facing a $1bn+ legal payout after a Maryland jury ordered the oil major to pay punitive damages to the victims of a gasoline spill in 2006