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  • Traditionally, the (re)insurance industry has seen run-off as a solution to its distressed and discontinued books of business.
  • Marsh & McLennan Companies, Inc (MMC) will use part of the $3.9bn proceeds from the sale of asset management arm Putnam Investments for acquisitions, according to president and CEO Michael Cherkasky.
  • US insurer State Farm Fire & Casualty Co has had the $2.5mn jury award of punitive damages it was ordered to pay to a couple in Mississippi for a Katrina claim reduced to $1mn.
  • US reinsurer Transatlantic Re has reported that the absence of significant catastrophe losses drove it to its "most successful year ever" in 2006.
  • Broker PWS Holdings is under investigation by the Serious Fraud Office (SFO) over an alleged $1.6mn Costa Rican reinsurance fraud.
  • Reinsurance giant Swiss Re confirmed it has sold its landmark London offices, 30 St Mary Axe, to the property firm IVG Immobilien AG for £600mn under a "sale-and-leaseback" arrangement.
  • A series of devastating tornadoes have ripped through Central Florida, killing at least 14 people and cutting power supplies to more than 40,000 residents.
  • Broker PWS Holdings is under investigation by the Serious Fraud Office (SFO) over an alleged $1.6mn Costa Rican reinsurance fraud.
  • Marsh & McLennan Companies, Inc (MMC) has confirmed the much anticipated sale of its asset management arm Putnam Investments to Power Financial Corporation subsidiary Great-West Lifeco Inc for $3.9bn in cash.
  • Converium Holdings’ chief executive Inga Beale has continued to re-shape the resurgent company’s senior management with the appointment of Jakob Eugster from Benfield.