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  • Three years after its bailout by the US government, American International Group (AIG) is suing the federal government for $30.2mn in alleged overpayment of taxes
  • A new £125mn capacity syndicate headed by WürttUK managing director Stephen Redmond is at the final stages of seeking approval from Lloyd’s franchise performance directorate, Insider Week can reveal.
  • Shares in UK broker Jardine Lloyd Thompson Group plc (JLT) have leapt almost ten percent this morning in the light of its expected acquisition of rival Heath Lambert Group plc.
  • Bermudian (re)insurer Allied World Assurance Co (AWAC) is set to continue its capital building strategy after its forthcoming initial public offering (IPO) with the issue of $500mn senior notes.
  • The legal team of former AIG CEO Maurice “Hank” Greenberg has published a “white paper” critiquing the company’s restatement of its 2004 results.
  • June has become a fertile month for catastrophe bonds with at least three $100mn+ contracts either signed or close to fruition.
  • London-based underwriting pool Global Aerospace Underwriting Managers (GAUM) was the lead on the cover of the aircraft that crashed on the Thai island of Phuket yesterday (16 September).
  • Zurich Financial Services (ZFS), has announced losses of $2bn for the first half of 2002. ZFS stated it has undertaken a thorough review of the adequacy of its non-life insurance and reinsurance reserves in consultation with an independent third party
  • Charles Philipps has warned that Lloyd’s must preserve its security rating, or face disastrous consequences that would spell the end of the market in its current form.
  • Willis Group will use its strong cash flow to pay off the outstanding $103mn of its bridging loan this year, which was used to part-finance its $2.1bn acquisition of Hilb, Rogal & Hobbs in 2008.