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  • Christopher Droney, the federal judge who oversaw the trial of five former General Re and American International Group (AIG) executives, has ruled that their conspiracy led to huge losses for investors.
  • London market broker THB Group's long-standing chairman and founder Vic Thompson is to retire from the company on 30 April.
  • Lloyd’s insurers Hardy Ltd and Novae revealed their estimates of the financial impact of US hurricanes Gustav and Ike on 28 October, as the cost of the storms continues to mount.
  • It's not often that brokers find themselves praising their IT providers but that is exactly what occurred with Willis Group this week.
  • Expanding specialty insurer WR Berkley recruited AIG’s offshore energy president Frank Costa to head a start-up operation last week.
  • Newly Swiss-domiciled (re)insurer ACE Ltd has avoided the third quarter net losses posted by a number of its peers, but nevertheless saw its net income decimated by net realised investment losses and catastrophes as it plummeted 92 percent to $54mn.
  • Ahead of tomorrow’s US presidential elections frontrunner Democratic candidate Senator Barack Obama appears to be making inroads among professionals in the traditionally Republican-dominated insurance industry, according to a poll conducted by AM Best’s B
  • Swiss-domiciled reinsurer Paris Re has increased its loss estimate for Hurricane Ike to $130mn from an original figure of $75-$95mn reported in late September.
  • A survey by Towers Perrin has found that the process of integrating Enterprise Risk Management (ERM) into businesses is proving challenging, with significant work still required to utilise economic capital (EC) in decision making.
  • UK regulator the Financial Services Authority (FSA) is assembling a crisis team of advisers amid fears that the insurance sector is the next to be engulfed by the financial storm that has brought the banking sector to its knees.