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  • A US court has ruled that there was "misappropriation of Gen Re trade secrets" in connection with the defection of a team of the reinsurer's senior facultative (fac) executives to Arch Capital Group in April.
  • Analysts have reacted cautiously to Munich Re's $1.3bn planned purchase of US primary insurer The Midland Company (Midland).
  • New market entrants are “critical to maintaining the attractiveness of the Lloyd’s market”, according to the Society’s Franchise Performance Director, Rolf Tolle.
  • Munich Re has launched a $260mn cat bond to cover earthquake risk for the East Japan Railway Company (EJRC), the first significant issue since the beginning of August
  • The London market has missed its 60 percent third quarter target for usage of electronic claims files (ECF) by 15 percentage points, making the year-end target of 100 percent "more challenging", said the Market Reform Group (MRG) in a statement today.
  • Florida’s chief financial officer has proposed giving the state’s governor and cabinet the authority to set the reinsurance levels and pricing of the Florida Hurricane Catastrophe Fund’s optional coverages.
  • US property/casualty insurers are expected to pay homeowners and businesses an estimated $1.125bn for third-quarter property losses, according to preliminary analysis by ISO’s Property Claim Services (PCS) unit.
  • US insurance giant, American International Group (AIG), is a partner in a consortium, led by Richard Branson’s Virgin Money, to buy stricken UK mortgage bank, Northern Rock.
  • The £800mn pledged by the UK’s chancellor of the exchequer Alistair Darling in his pre-budget report has been criticised as insufficient by the insurance industry.
  • Swiss Re run-off subsidiary, Pro Insurance Solutions Ltd has announced the formation of a US affiliate, PRO US, in a move which highlights the growing interest in the country’s discontinued business sector.