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  • A principles-based rather than a rules-based approach not just to regulation but to running the entire industry should be embraced by the industry, according to Joe Plumeri, chairman and CEO of Willis.
  • Maurice "Hank" Greenberg sold another chunk of his American International Group (AIG) shares netting around $28mn last month. Greenberg sold 400,000 shares at an average price of $69.86 each, adding to the sales he made last year.
  • The spectre of asbestos returned to haunt reinsurance giant Munich Re as it revealed in its full annual report a $600mn strengthening of loss reserves for related claims at its US operation.
  • QBE Limit and Markel are set for a November High Court showdown with broker Surety Guarantee Consultants Ltd (SGC) over allegations of fraud in connection with construction bonds it issued as a coverholder.
  • Hannover Re is planning growth in US property catastrophe business as it builds on record 2006 profits and redeploys capital freed up by the $800mn sale of its Praetorian subsidiary to QBE Insurance Group Ltd.
  • Italian giant Generali disappointed analysts by failing to follow some of its European rivals with a special share buyback scheme despite reporting record net profits of EUR2.4bn for 2006, a rise of 25.3 percent.
  • Equitas has completed its landmark reinsurance transaction with National Indemnity Company, part of Warren Buffett’s Berkshire Hathaway group, on 27 March.
  • Flagstone shares forge ahead after shaky start; Wurtt gets Best A- despite rival downgrade; Nephila to grow weather market; Cuomo gets go-ahead for Liberty Mutual suit...
  • Benfield Group’s dedicated approach to rebuilding its facultative operations following the defection of Elliot Richardson saw the reinsurance specialist swoop for Paragon International Insurance Brokers Ltd’s Julian Hall
  • A number of former Wellington Underwriting staff continued to head out of the Catlin Group last week with David Foreman’s recently launched Ark Syndicates believed to be a likely destination for some.