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  • Lloyd's CEO Richard Ward has warned the London market that the "pace of change" on business processes remains too slow and reiterated his willingness to mandate action if necessary.
  • Although the publication of the draft Solvency II directive for European regulation on 10 July dealt no real surprises to the insurance community, there are still many compliance challenges ahead.
  • Chubb Re spin-off replaces Federal fronting arrangement and plans European expansion
  • Farmers’ landmark $500mn transaction likely to spur new initiatives…
  • Insurance giant Allianz SE and its core operating companies have been upgraded from AA- to AA by Standard & Poor's (S&P) as a result of "major and sustained" improvements in its operating performance.
  • Lloyd’s CEO Richard Ward has warned the London market that the “pace of change” on business processes remains too slow and reiterated his willingness to mandate action if necessary.
  • In a pioneering transaction, the US insurer Farmers Insurance Exchange has acquired the right to issue $500mn of regulatory capital if it suffers a severe US natural catastrophe loss in the next five years.
  • Liechtenstein-based liability insurer Gable Insurance had its shares suspended from the AIM stock exchange at 16p after missing the deadline to post its audited results for 2006.
  • US insurer The Travelers Cos announced last week it has settled one its largest asbestos cases for a total of $449mn.
  • Forecaster Tropical Storm Risk (TSR) has lowered its prediction for the North Atlantic hurricane season from 55 percent above the norm to 40 percent.