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  • Bermuda’s Renaissance Re, one of the industry’s most admired reinsurance companies, has admitted its senior management made mistakes in accounting for a finite reinsurance transaction in its delayed Securities & Exchange Commission 10-K filing.
  • Eleven global banks linked to the Libor rate-fixing scandal could face more than $15bn in aggregate regulatory fines and settlement of litigation brought by investors and counterparties, according to estimates from Morgan Stanley.
  • The UK House of Lords struck out a claim that accountancy firm Moore Stephens was liable for a failure to unearth an $89mn fraud at a commodity trader that it audited.
  • Giant Marsh & McLennan Companies, which was due to report as The Insurance Insider goes to press, has a tough act to follow with its two main broking rivals Aon Corp and Willis Group booking Q1 revenue growth despite...
  • Case turns on definition of "authorised business trip" clause. The Aon WTC personal accident dispute has been settled in favour of the London Market reinsurers, according to a judgement released this morning.
  • US property casualty giant The Hartford preannounced a higher than expected set of fourth quarter results last Wednesday (14 January) with an 8-K SEC filing.
  • After rival specialist motor insurer Highway painted a gloomy picture of underwriting prospects, along came Cox with an upbeat message, consensus beating interims and a combined ratio of only 86 percent.
  • Alea Group chief executive Mark Cloutier will step down next year, the run-off (re)insurer confirmed last week (24 April).
  • Lloyd’s insurer Hardy Underwriting announced an improved forecast for the 2005 year of account of its managed Syndicate 382 on 29 November.
  • Global reinsurer Munich Re has said it sees the reinsurance market continuing to harden, but will lower exposure to business segments that were “particularly exposed to the recession”.