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  • Heath Lambert's drive to divest itself of its wholesale business units to focus on UK retail was finally realised last week when the intermediary sold its Global Business Solutions (GBS) unit to Arthur J Gallagher International Ltd.
  • Swiss Re has successfully closed its $150mn Vega Capital Ltd collateralised risk obligation (CRO) transaction, while Allstate also bought its second $250mn Willow Re cat bond to market, our sister publication Trading Risk revealed.
  • US property & casualty insurers look set to post a modest underwriting loss and suffer significant reduction in profits and return on surplus for the year, according to Fitch Ratings.
  • Despite strong competition between insurers and the wider financial markets total premium income for European insurers held steady last year, according to figures from the Comité Européen des Assurances (CEA).
  • The Travelers Companies COO Brian MacLean has also been named president of the group after being promoted from executive vice president.
  • Speculation surrounding the future of Marsh & McLennan Companies (MMC) security consulting arm, Kroll, was further fuelled at the end of last week when the company announced that founder Jules Kroll is to step down.
  • Beleaguered bond insurer Security Capital Assurance (SCA) has lost a legal battle with investment banking giant Merrill Lynch & Co over its obligations of up to $3.1bn on credit default swaps (CDS).
  • French insurance giant AXA is re-approaching the capital markets with its third motor insurance securitisation, renewing the EUR61mn Class D notes from its 2007 Sparc transaction.
  • Hirotoshi Murakami, CEO of Tokio Marine Global (TMG) in London is set to return to Japan and take up a new position with the parent company at the end of this month.
  • Jardine Lloyd Thompson Group Plc (JLT) has acquired HWS Holdings Ltd (HWS) with its two Lloyd's broker subsidiaries for up to £8.75mn, as predicted by The Insurance Insider.