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  • Hector Sants, CEO of UK regulator the Financial Services Authority (FSA), has criticised the US' current rules on collateral for foreign reinsurers and bemoaned the slow pace of regulatory reform in the country.
  • The Supreme Court of Connecticut has ruled against Marsh & McLennan Cos (MMC) and given the state's attorney general Richard Blumenthal the green light to try to recover damages from the broker.
  • Reinsurance giants Swiss Re and Munich Re have come under pressure from activist investors over proposed board level changes in the last week.
  • Royal & SunAlliance (R&SA) has continued the disposal of its legacy business with the sale of two run-off portfolios in its Scandinavian subsidiary Codan to Wasa Run-Off.
  • Analysts have welcomed reports that Russia’s largest bank Sberbank is considering buying Allianz unit Dresdner Bank’s investment banking business.
  • Guy Carpenter & Co is preparing to cut around 13 percent of its global workforce, as the reinsurance intermediary responds to the tough market conditions, The Insurance Insider can reveal.
  • A slump in underwriting results in the US property/casualty insurance industry dented its profitability last year, according to Insurance Services Office (ISO).
  • Berkshire Hathaway has bought one million shares in German giant Munich Re in the last six months, according to reports.
  • The head of Lloyd’s China, Ian Faragher is to step down after two years in the role, The Insurance Insider can reveal.
  • Sagicor Financial Corporation (SFC) – which acquired Lloyd’s insurer Gerling at Lloyd’s and its Syndicate 1206 last September – has announced an increase in net income to over $100mn in 2007.