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  • Ascot Underwriting founder Martin Reith has stepped down as its CEO just months after agreeing a deal with American International Group (AIG) for the Lloyd’s insurer to become a wholly owned subsidiary of the troubled US giant.
  • Swiss Re and private equity firm CVC are in “advanced talks” to buy a majority stake in Royal Bank of Scotland’s up-for-sale insurance operations, according to reports.
  • Troubled global insurer AIG is facing a tough squeeze on its aviation and US directors’ and officers’ liability (D&O) books of business, according to senior market sources.
  • Flagstone Reinsurance Holdings Ltd has become the eighth Bermudian to secure a Lloyd’s platform since the start of 2007 with an agreement to buy Marlborough Underwriting Agency Ltd from Berkshire Hathaway.
  • AM Best has downgraded Bermuda-based insurer XL Life reinsurance’s financial strength rating from A to A-, citing declining premium and capitalisation pressure as its parent, XL Capital Ltd winds down its business profile within life reinsurance.
  • WR Berkley confirmed the hire of a financial institutions (FI) team from American International Group (AIG), as previously revealed by The Insurance Insider.
  • Swiss (re)insurer Glacier Group has appointed Richard Etridge as CEO of its Leichtenstein headquartered insurance subsidiary.
  • The International Association of Insurance Supervisors (IAIS) agreed to adopt six supervisory papers on the key issue of solvency assessment at its annual conference 2008 in Budapest last week.
  • ACE Ltd has continued its efforts to grow in markets traditionally dominated by American International Group (AIG) by boosting its commercial D&O capability with a move to write the business at Lloyd’s.
  • Analysts at ratings agency Fitch downgraded their rating outlook for the combined insurance and reinsurance sectors from stable to negative on Friday (17 October).