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  • Carriers will not just be tested on their ability to pay claims but will also be ranked according to their client service levels, following a new initiative launched by broker Willis Group Holdings Ltd.
  • US domiciled reinsurer OdysseyRe has launched a new £25mn capitalised UK insurance company that will focus on writing casualty lines.
  • US insurer Chubb has agreed to provide hull and liability cover to general aviation clients of Starr Aviation - the managing agency ultimately controlled by former American International Group chief executive Maurice “Hank” Greenberg.
  • French giant AXA announced on 14 June that it has entered into a definitive agreement with Credit Suisse Group to buy the Zurich-based company's insurance operation Winterthur for SFr12.3bn, or EUR7.9bn in cash.
  • Rating agency Standard & Poor's (S&P) confirmed on 12 June that Swiss Re's acquisition of GE Insurance Solutions (GEIS) has cost the reinsurer its AA rating, which has been downgraded a notch to AA-.
  • Equitas announced on 15 June that it had reached a comprehensive settlement with US insurer The Hartford Financial Services Group.
  • Bermudian giant XL Capital announced the restructure of its management team on 15 June with Henry Keeling taking over as chief operating officer.
  • Jardine Lloyd Thompson Group plc, the UK broker thought to be conducting due diligence on rival Heath Lambert Group, issued a statement to the Stock Exchange last week saying it had no explanation for the recent volatility in its share price.
  • Insurance buyers at the Association of Insurance & Risk Managers (AIRMIC) conference were urged to use their power to improve market transparency and drive through contract certainty by the Financial Services Authority (FSA).
  • UK general insurer Royal & Sun Alliance has unveiled plans to cut over 1500 jobs in an efficiency drive that will save the group £130mn in annual costs.