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  • Bermuda is set to welcome Iron Re – a class 3 (re)insurer for corporate asbestos liability risk backed by hedge funds – according to documents seen by The Insurance Insider.
  • News Corp shareholders have amended a lawsuit accusing the Rupert Murdoch-led firm of nepotism to include accusations of poor corporate governance at the company leading to the News of the World (NoW) phone hacking scandal.
  • The auditors of failed UK insurer Independent Insurance have been fined £500,000 and ordered to pay costs of £1.15mn by the UK accountancy watchdog after a tribunal found the firm's conduct "seriously below the appropriate standard".
  • Energy mutual Oil Casualty Insurance Ltd's (OCIL) Avalon Re excess liability cat bond defaulted at its final maturity date last week (7 June), leaving the lowest tranche investors with a $13mn loss.
  • Willis Group reported solid organic growth of commissions and fees of 4.2 percent for the second quarter as it launched a new multi-year cost-cutting programme expected to deliver $420mn of cumulative savings through 2017 and a further $300mn a year after that.
  • (Re)insurers are facing the possibility of a property and business interruption loss after last week's train crash on the Washington Metro, in a programme placed by Aon, The Insurance Insider's sister publication Inside FAC reports.
  • Swiss Re said it is "very well positioned" to enter January 2010 renewal discussions, but will focus on quality instead of quantity as it faces up to the pricing problems in key European markets.
  • US insurers Chubb Corporation and WR Berkley reported profits up and premiums down for the first quarter of 2007.
  • Lloyd's Central Fund contributions and subscriptions charges will be held steady for 2007, but the Society believes it will be in a position to cut the Central Fund levy for 2008 - a year ahead of original forecasts.
  • Small quoted Lloyd's insurer Hardy Underwriting has rejected a £158.4m takeover approach from its larger rival Beazley Group, with the move offering further evidence that consolidation fever has taken grip of Lime Street.