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  • Processing giant Xchanging has signed a two-year outsourcing contract with Saudi Development and Training Company (SDT), the latest in a series of moves to grow its footprint.
  • UK watchdog the Financial Services Authority (FSA) last week levied a record £2.275mn fine on Zurich Insurance's UK branch for failing to keep client data secure.
  • Sagicor joined its Caribbean rival Guardian Holdings Ltd in having a Lloyd’s presence after it acquired Gerling at Lloyd’s, and its Syndicate 1206, last week.
  • AXA Group announced today (16 October) that it had agreed to acquire Greek insurer Alpha Insurance for EUR225mn.
  • The private equity backed run-off insurers Seaton Insurance Co and Stonewall Insurance Co have appealed against a decision earlier this month in a New York court which prevents them from pursuing a claim against a Randall & Quilter (R&Q) affiliate in the
  • Shares in Novae Group traded down last week after the Lloyd's insurer posted a £2.1mn loss for the first half, driven by a £26mn hit from aviation reinsurance and credit insurance claims...
  • Ratings agency Standard & Poor's (S&P) has upgraded the insurer financial strength ratings on Arch Capital Group's insurance and reinsurance operating companies to A+ from A.
  • Marsh and McLennan Companies (MMC) reported a positive 6 percentage point swing in year-on-year third quarter organic revenue across its broking operations, turning a 3 percent decline in the same period of 2009 into 3 percent growth.
  • Texas Governor Rick Perry has signed into law a bill (HB 4409) for restructuring the state's windstorm insurance fund, the Texas Windstorm Insurance Association (TWIA), and axing its $1.5bn reinsurance programme.
  • Goldman Sachs has agreed to pay $550mn to the Securities and Exchange Commission (SEC) to settle fraud charges that it defrauded investors over the sale of subprime mortgage products that cost its customers more than $1bn.