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  • Despite increasing half-year net profits by 93 percent to an impressive $1.448bn, the spectre of US legacy business returned to haunt Zurich Financial Services (ZFS) as the insurer revealed it had boosted net reserves by $656mn, with $582mn targeted at it
  • Catastrophe losses and lower year-on-year reserve releases helped cut Aspen Insurance Holdings Limited's second quarter net income in half to $40.1m.
  • The bailout of American International Group (AIG) at the height of the financial crisis will end up costing the American taxpayer $50bn, the US government's latest forecasts suggest.
  • Broker commission transparency is "inevitable", according to Peter Cullum, the founding chairman of Towergate Partnership, yet he insisted the London market needs to eradicate major inefficiencies in order to compete in the long-term.
  • Lloyd’s underwriting members will provide a compulsory loan from next year as part of a scheme to grow the Society’s central assets and improve its financial strength ratings.
  • In a flurry of activity before he stood down on New Year's Eve, former New York Attorney General Andrew Cuomo struck a $120mn settlement with four insurers over workers' compensation policies.
  • BMS Group is set for a High Court showdown with CJ Coleman this week over the departure of the former managing director of its BMS Harris & Dixon Ltd subsidiary and a team to the rival London market broker earlier this year.
  • Several tornadoes hit parts of the central and southern US on Sunday night (27 April), killing at least 12 people and causing widespread damage, according to local reports.
  • US commercial property and casualty (P&C) (re)insurers returned to loss in 2008 and there is little sign of an immediate turn back to profitability, according to Fitch Ratings.
  • Argo Group's excess and surplus lines (E&S) president Lou Levinson has resigned from the Bermudian (re)insurer, The Insurance Insider has learned.