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  • 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.
  • Three Lloyd’s (re)insurers are building operations in Shanghai as part of Lloyd’s new Chinese reinsurance operation.
  • Xchanging, the outsourcing firm that runs the London market’s back office, has announced a tie-up with Web Connectivity for its Insurers’ Market Repository (IMR) Gateway service.
  • This year's North Atlantic hurricane season will provide a "litmus test" for the (re)insurance industry's ability to adapt, according to Fitch Ratings.
  • Reports published in the last week have again warned the insurance industry to expect increased financial losses as weather-related catastrophes worsen as a result of climate change.
  • AXA, the French insurance giant, is set to confirm another UK broker acquisition with its swoop for the private equity backed Smart & Cook, according to reports.
  • SCOR officially launched its hostile takeover bid for rival Converium last week (4 April) as it provided further details of the rationale behind the proposed deal which it hopes will create a top 5 global reinsurer and yield an A+ rating by 2010.
  • Lexington Insurance Company, part of American International Group (AIG), has launched a new Casualty Mid Excess unit in London with capacity of $50mn.
  • The US property and casualty industry has made significant progress in funding its asbestos liabilities, according to rating agency AM Best.
  • Takaful insurance is the key to increasing insurance awareness in the Gulf Cooperation Council (GCC), capitalising on the positive economic dynamics of the region, according to a report published by Standard & Poor's (S&P).