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  • Chaucer-managed Lloyd's Nuclear Syndicate 1176 is planning to drop material reinsurance protection for the £210mn maximum line it offers nuclear pools for the 2012 year of account.
  • American International Group (AIG), Beazley and Scor are set for a three-way tussle to claim the coveted risk carrier of the year award at this year's Insider Honours, the shortlist reveals today.
  • Berkshire Hathaway chairman Warren Buffett said that with falling rates in “super-cat” insurance as a result of the “flood of capital” post-Katrina, the company has “sharply reduced” wind exposures.
  • The US Congress is due to discuss an extension to the federal Terrorism Risk Insurance Act (TRIA) that is scheduled to expire at the end of the year.
  • Reinsurance broker Guy Carpenter is developing a product to allow (re)insurers to hedge the risk of under-reserving on long-tail casualty lines of business.
  • Newcomer Ark Syndicate Management, which started writing business at Lloyd's in April this year, has proposed the launch of a sidecar syndicate, which is currently subject to approval by the society's Franchise Performance Directorate.
  • Ratings agency Moody's has downgraded the senior secured debt ratings of giant bond insurer MBIA Inc, on the back of "various financial developments and capital initiatives" recently announced by the firm.
  • Munich Re, the world’s second largest reinsurer, raised its full-year earnings forecast and announced its first ever share buy-back on 7 November as it became the latest industry carrier to benefit from the benign claims season.
  • XL slashed its reinsurance top line in the third quarter and reported lower group operating profits year-on-year as a larger release from reserves was not enough to offset higher cat and non-cat losses in its P&C business.
  • American International Group (AIG) affiliate Transatlantic Holdings saw first quarter pre-tax profits fall from $145.2mn to $90.3mn, as it took $60.6mn in realised net capital losses in the period - up from the $15.1mn writedowns it recorded in the prior-