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  • Marsh has submitted to Eliot Spitzer’s shock 14 October allegations of price-fixing by replacing its chief executive Ray Groves and revealing that it will no longer charge insurers contingent commissions, often known as Placement Service Agreements (PSAs)
  • Ratings agency Standard & Poor's (S&P) has raised its long-term counterparty credit and insurer financial strength ratings on Allianz Ireland and Allianz Corporate Ireland (collectively Allianz Ireland) to “BBB” from “BBB-“, with a stable outlook on both
  • Jardine Lloyd Thompson Group plc (JLT) plans to overhaul its staff pension scheme in a bid to reduce the £146mn deficit which hangs over the company.
  • Amlin smoothed fears over falling rates last week by providing a reassuring assessment of market conditions, while also improving slightly the forecasts on its 2002 and 2003 underwriting forecasts.
  • Bermudian giant XL Capital reported on 26 July that it had almost trebled its second quarter net income to $377.1mn, up from $135.9mn in the prior-year period.
  • Lloyd’s insurer Kiln Group has appointed Charles Franks to replace Edward Creasy as CEO from the start of 2009 in a senior management reshuffle.
  • Second quarter US cat losses, which the ISO has revised upwards to $6.03bn, are likely to hit the bottom line of personal as well as commercial lines insurers, according to the latest analysis from Fox-Pitt, Kelton.
  • The Conservative Party has abandoned immediate plans to abolish the UK regulator the Financial Services Authority (FSA) as a concession to its coalition partners the Liberal Democrats.
  • International specialty insurer HCC Insurance Holdings rode catastrophe losses in the first half of the year to produce solid Q2 and H1 net profits.
  • Royal & Sun Alliance Insurance Group plc revealed a group restructuring last week to reflect the focus of the company into its UK, International and emerging markets.