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  • The beleaguered broking giant MMC took further steps to improve its corporate governance rating by firing five senior executives from its board of directors last week.
  • Californian-based brokerage Edgewood Partners Insurance Center (EPIC) has reached a confidential settlement with Arthur J Gallagher & Co, resolving the international broker's pending lawsuit alleging conspiracy and poaching of staff.
  • Liberty Mutual Group fell to a $111mn net loss for the third quarter as cat losses and an asbestos charge hit the bottom line.
  • London-based wholesaler Lloyd & Partners has recruited onshore energy reinsurance specialist Chris McNamara from Aon Benfield as part of investment in its energy practice.
  • Towers Watson - the new entity from the merger of actuarial and risk consulting and management firms Towers Perrin and Watson Wyatt - posted a $58mn profit for the fourth quarter.
  • Global broker Aon Corp has disclosed details of the $2.5bn lending arrangement that will finance the cash portion of its $5bn cash and stock bid for consulting giant Hewitt.
  • Converium receives licence to write UK liability while British Government gives heart to insurance industry In the week that saw the UK Government acknowledge the recent surge in liability premiums, the Swiss based reinsurer Converium revealed that it
  • Swiss Re, the Zurich headquartered reinsurer which is pioneering the industry’s collaboration with the capital markets, has called on the creation of a new index for European natural catastrophes.
  • Jardine Lloyd Thompson group plc plans to separate its reinsurance division into a new trading operation, JLT Re, that will begin trading next year as the broking group continues its drive to grow its reinsurance market share.
  • American International Group (AIG) has completed the next phase of its revamped $150bn state rescue package with the sale of $39.3bn face value residential mortgage backed securities (RMBS) to a government backed vehicle.