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  • US life reinsurer Reinsurance Group of America (RGA) reported a sixty percent drop in net income to $31.5mn, or $0.49 per diluted share for the first quarter of 2008, spurred by "poor claims experience" in the US and UK mortality markets.
  • UK motor insurance rates will have to increase by approximately 20 percent for the sector to return to profitability, according to UK financial services firm AA's recent Insurance Index.
  • The two former Marsh Inc executives who were found guilty in February of taking part in bid-rigging have been sentenced by a New York judge.
  • At current pricing levels, it would take a $30-50bn ground-up property loss to reverse the slide in property cat reinsurance rates, according to Aon Re Global.
  • Bermudian (re)insurer Ironshore Insurance Ltd's fledgling subsidiaries Ironshore Indemnity Inc (III) and Ironshore Specialty Insurance Company (ISIC) have been assigned A- financial strength ratings and issuer credit ratings of a- by AM Best.
  • Profits for the US property & casualty industry fell by almost $5bn to $66.5bn last year compared to the prior year period, according to rating agency AM Best.
  • Former Wells Fargo executive LoriAnn Lowery has been appointed by Lloyd's as its new president of North America.
  • Lloyd's insurer Omega Insurance Holdings Ltd announced last week that it had terminated talks with potential suitors interested in acquiring the company.
  • Specialist corporate finance firm Benfield Advisory has developed a new parametric reinsurance product, aimed at transferring workers' compensation catastrophe (WCC) coverage to reinsurers and the capital markets.
  • (Re)insurance broker Cooper Gay & Co Ltd is in advanced talks to acquire the wholesale operations of Heath Lambert Group, The Insurance Insider can reveal.