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  • Allianz has finally shed its under-performing banking unit Dresdner Bank for up to EUR9.8bn to German banking group Commerzbank.
  • Lloyd’s insurer Chaucer revealed improved syndicate forecasts for both the 2003 and 2004 years of account, together with positive progress on the current year of account, as it released a trading update last Thursday (18 August).
  • Lloyd’s insurer Kiln has announced increased capacity for 2005 and stable or improving forecasts for open years for all four of its managed syndicates.
  • After months of speculation, Xchanging has finally acquired insurance IT provider RebusIS creating a combined group with revenues of $360mn and 1800 employees.
  • The South of England P&I protection and indemnity club has been put into liquidation after a bitter court battle with the Bermuda Monetary Authority (BMA) over its solvency and corporate governance.
  • Giant European reinsurer Swiss Re was today (28 July) downgraded by rating agency Standard & Poor’s (S&P), lowering its financial strength and long-term counterparty credit ratings from AA+ to AA. The outlook remains stable.
  • Ratings agency Standard & Poor's (S&P) has predicted that New Zealand reinsurance pricing may more than triple at the July renewals after the Christchurch earthquake losses
  • Guy Carpenter global Fac chief Mark Newman has resigned his post to head (re)insurer Catlin's Asia Pacific rim operations.
  • Rating agency A.M. Best has placed the financial strength rating of A- (Excellent) of Gerling Global and its core subsidiaries under review with negative implications.
  • Grahame Chilton, Benfield Group CEO, has made an impassioned plea for a more joined-up approach to international regulation as he said the current fragmented structures are generating greater costs and complexities...