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  • Allianz has finally shed its under-performing banking unit Dresdner Bank for up to EUR9.8bn to German banking group Commerzbank.
  • There are signs of hardening in the marine market with Protection & Indemnity (P&I) and the Scandinavian hull sectors showing firmer rates, according to a report by the broker Willis Group Holdings.
  • Bermudian CastlePoint Reinsurance Company Ltd has agreed a $135mn deal to buy US excess and surplus (E&S) lines and admitted insurer Hermitage Insurance Group.
  • SCOR reported a 24.3 percent rise in half-year net profits as last year's Converium acquisition continues to fuel the reinsurer's results.
  • Hurricane Gustav caused a flurry of trading on the Insurance Futures Exchange Services (IFEX) last week as a tropical storm, with $13mn of catastrophe derivative contracts traded as the storm gathered speed en route to the Gulf.
  • Swiss Re is re-shuffling senior management in its beleaguered financial markets division, and putting its "non-core" businesses into run-off.
  • Max Capital Group Ltd has appointed Kevin Werle as executive vice president and chief risk officer following the recent restructure of its senior management team.
  • AM Best gave a fillip to XL Capital last week after it affirmed the (re)insurer's ratings and removed them from under review following the firm's completion of its deal to divorce itself from its former bond insurance arm Security Capital Assurance (SCA).
  • Paul Lumbis, the former managing director at Guy Carpenter & Co Ltd's M&A division at GC Securities Ltd is to head a new corporate finance advisory practice Atlas Partners LLP, subject to regulatory approval.
  • New York law firm Milberg has been named in a US lawsuit as a group of Lloyd's underwriters attempt to rescind professional liability insurance contracts following the sentencing of several former partners, according to reports.