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  • A New York-based hedge fund is continuing its counterclaim against Fairfax Financial Holdings, accusing it of avoiding paying $400mn in taxes, despite a judge dismissing it from the Canadian firm's racketeering lawsuit.
  • Platinum Underwriters Holdings has become the latest reinsurer to reveal deterioration on Q1 catastrophes as it added a total of $46.8mn to its loss reserves for the second New Zealand quake, the Japanese disaster and Australian flooding and cyclone claims.
  • The Non-Admitted and Reinsurance Reform Act of 2010 (NRRA) also addresses the reporting, payment and allocation of insurance premium taxes, which will only be collectible by the insured's home state when applied to non-admitted insurance.
  • Reinsurers have declined to offer top-up cover to New Zealand local government insurance pool the Local Authority Protection Programme (LAPP), according to local media reports
  • The US Congress will today (5 January) hold a hearing to investigate how US financial regulator the Securities and Exchange Commission (SEC) failed to prevent the alleged $50bn fraud by Wall Street trader Bernard Madoff...
  • Hull and liability aviation losses in 2010 reached $2.15bn and exceeded  gross premium written in the same period, according to consultancy Ascend.
  • Rates continue to fall at the 1 July reinsurance renewal season, as insurers add to the pain of increased competition by electing to retain more, according to Wills Re’s reinsurance renewal review published today.
  • Capita has reinsured Syndicate 340 in a Berkshire Hathaway-backed deal
  • Amlin has increased its investment in insurance-linked securities (ILS) funds managed by Leadenhall Capital Partners to $111.9mn in 2010
  • Munich Re has targeted a potential EUR5bn market with its new unit set up to sell protection against selected enterprise risks.