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  • Alexander Forbes Group Ltd has announced a Rand380mn (£31mn) settlement with South African regulators over its practice of “bulking” pension funds and said the package will reduce its 2005 earnings by 20 percent.
  • The London market is enjoying strong rate rises in 2006, according to trading statements from three leading quoted Lloyd’s (re)insurers.
  • Swiss reinsurer Converium reported its net income of $61.6mn in its first quarter results, taking the company back to a profit after a $5.5mn loss in the prior-year period.
  • Heritage Underwriting Agency plc – the Lloyd's insurer planning to float on the Alternative Investment Market (AIM) – has seen its star underwriter resign suddenly.
  • The High Court has sanctioned the first transfer of business out of a Lloyd’s syndicate since the formation of Equitas ten years ago, opening the prospect of a new method to obtain finality for non-trading syndicates.
  • The Securities and Exchanges Commission (SEC) has praised American International Group and its "courageous" chairman Frank Zarb as the giant insurer makes strides towards "good governance".
  • The number of London Market companies hit by computer system failures has fallen significantly in the last year, according to a survey by the International Underwriting Association (IUA).
  • Swiss giant Zurich Financial Services (ZFS) recorded a first quarter profit of $785mn, up 1 percent from last year, despite being hit with a $262mn post tax charge from settling with US regulators.
  • Swiss reinsurer Converium has appointed two new members to its global executive committee as new CEO Inga Beale continues to build her team.
  • French reinsurer SCOR has reported a 61 percent rise in its first quarter income to EUR53mn from EUR33mn in the prior-year period.