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  • UK regulator the Financial Services Authority (FSA) has fined Lloyd’s broker Besso £20,000 for failure to apply for approval of a member of its management who had previous fraud convictions and is alleged to have gone on to commit fraud whilst at the firm
  • General Re has agreed to pay $92mn and dissolve a Dublin subsidiary to settle charges brought by the SEC over the part it played in sham finite reinsurance deals with American International Group (AIG) and Prudential Financial.
  • One of the worst storms on record struck the Philippines late last week, causing major devastation as it tore through the central islands of the archipelago.
  • Brit shareholders have been given a further fortnight to vote on the joint Apollo-CVC offer first unveiled in late October.
  • Munich Re-owned Lloyd's managing agency Beaufort will not offer third party investors capacity in its specialist retrocession Syndicate 2318 in 2011, and may even decide not to proceed with the facility.
  • A long-awaited UK Court of Appeal ruling on asbestos trigger litigation has sparked division among the UK (re)insurance community.
  • One of the worst storms on record struck the Philippines late last week, causing major devastation as it tore through the central islands of the archipelago
  • HSBC Insurance (Asia) has agreed to sell its Macau-based general insurance business to QBE Insurance (International), 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.
  • Private equity's enthusiasm for run-off P&C assets has continued with Milestone Capital Partners acquiring Scandinavian legacy specialist Compre