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  • Willis became the latest of the international brokers to announce job losses as part of an efficiency drive with confirmation by the company yesterday that it would cut 400 positions.
  • US banking giant Citibank announced today (10 May) that it has reached a pre-tax $2.65bn settlement of class action litigation brought by WorldCom investors.
  • Bermudian (re)insurer Mariner's proposed solvent scheme was sanctioned by the Bermudian Supreme Court, the first approval since the Scottish Lion decision.
  • Lloyd's insurer Kiln predicted improvements for three of its four syndicates when it updated its syndicate forecasts today (31 May).
  • The scale of the damage caused to the Lloyd's Central Fund by the failure of GoshawK's Syndicate 102 is becoming apparent with the Society paying £76mn last year to cover claims arising from the defunct insurer.
  • The three winter storms that hit the northeast US coast in February could cost $1.35bn according to catastrophe modelling firm AIR.
  • Wellington spin-off Aspen Re last week (27 July) reported second quarter net earnings of $83.8mn, or $1.16 a share, marginally ahead of the $80.9mn booked in the same period last year.
  • Bermuda-based (re)insurer White Mountains Insurance Group reported a strong first quarter adjusted comprehensive net income of $117mn compared with $75mn for the first quarter of last year. The result benefited from a $21mn gain due to a foreign...
  • Broking giant Aon has won a contract to consolidate international property fund manager Cordea Savills' current insurance arrangements into a pan-European programme.
  • International law firm Ince & Co has tempted senior associate David Grantham over from rival Allen & Overy to join its insurance business group.