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  • One of the final strands of litigation remaining from US bank PNC Financial Services Group Inc’s decision to repackage its bad debt via financial reinsurance with American International Group (AIG) was settled last week.
  • Beazley Group plc has increased the capital of its US admitted insurance company, Beazley Insurance Company by $45mn, bringing its total capitalisation to around $105mn.
  • Two former Marsh & McLennan Cos (MMC) executives went on trial in New York last week facing charges relating to a lucrative bid-rigging scheme.
  • Converium has reeled out key business partners in its public campaign to shareholders as it continues to fend off advances from rival SCOR with a warning that a tie-up could mean the loss of up to $800mn in premium income.
  • Underwriters are divided on whether premiums in the financial institutions market will bottom out this year, according to a survey conducted by Willis.
  • The Bermuda Monetary Authority (BMA), the island's financial regulator, has appointed a new chief executive to begin in July, the body said last week.
  • Charlie Crist, the Florida governor behind far-reaching reform in the state’s hurricane catastrophe fund earlier this year, has run into opposition from the White House over proposals for a federal catastrophe insurance programme.
  • Bermudian (re)insurer Allied World Assurance Company has made a $2.1mn settlement with the Texas attorney general Greg Abbott over his investigation into bid-rigging by the firm.
  • Former Lloyd’s commercial director Roger Sellek is set to join ratings agency AM Best next month to drive its non-US operations, Insider Week can reveal.
  • Amlin Bermuda Ltd has appointed Alun Thomas, a former director of North American Reinsurance in Aon Ltd’s Property division, as an underwriter.