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  • Willis Re is set to unveil a new unit specialising in protection and indemnity (P&I) and marine mutual reinsurance, The Insurance Insider understands.
  • The Federal Reserve Bank of New York is to auction more of the assets contained in the Maiden Lane III portfolio it used to assist the bailout of AIG in 2008.
  • Bermudian (re)insurer XL Capital last week announced its entry into primary casualty for US corporations as part of its large account global P&C business.
  • American International Group (AIG) has been stung by the first wave of high profile departures at Ascot Underwriting, the Lloyd's managing agency it bought out last month.
  • Former Royal & Sun Alliance (R&SA) US subsidiary, Royal Indemnity, has been ordered to pay defence costs in its increasingly acrimonious asbestos dispute with General Motors (GM).
  • Following a difficult courtship, SCOR has finally agreed takeover terms with Converium after increasing its offer for its Swiss rival in a SFr3.4bn ($2.8bn) transaction that will create a top five global reinsurer.
  • Premiums for US commercial property insurance have fallen by an average of 10 percent in the past year, according to broker Aon's first US property report for 2004.
  • Bermudian start-up reinsurer Validus has announced it is entering into a $300mn syndicated credit agreement. The transaction consists of a $100mn Senior Unsecured 364-Day Revolving Credit Facility and a $200mn Senior Secured Three-Year Letter of...
  • The independent UK broker Heath Lambert Group plc has appointed corporate financiers Hawkpoint Partners to advise on options which could involve a refinancing to pay down debt and raise capital or a complete sale, The Insurance Insider revealed last week.
  • Lloyd’s revealed last week that its 2005 global capacity is likely to shrink a higher than expected 9 percent to £13.7bn in response to falling rates.