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  • Despite agreeing a deal with SCA and regulators to shed the majority of its $65.7bn pre-IPO notional exposures to the bond insurer, XL is still on the hook for potential liabilities under guarantees that were around $1.1bn in notional value at the end of
  • Benign loss conditions in the US property casualty sector continued into the second quarter as insurers are expected to payout just $1.65bn in catastrophe claims – the lowest figure for the quarter since 2000.
  • The Securities and Exchange Commission formally opened an investigation into Marsh & McLennan Companies’ relationship with its private equity arm, MMC Capital, and its managed Trident investment funds, last month.
  • Marsh reinsurance broking arm Guy Carpenter has become entangled in a competition dispute in the US with an IT outfit it partly owns. Ohioan software firm ReClaim Technologies and Services has filed a $10mn lawsuit against the broker for breach of cont
  • Bruce Carnegie-Brown, CEO of Marsh’s UK operations has been promoted to the position of president and CEO of the broker’s Europe and Middle East Operations.
  • The acquisitive Spanish insurer Mapfre acquired US car insurer Commerce in a $2.2bn+ deal last week.
  • American International Group Inc (AIG) drew down $28bn from the $85bn US government bail-out loan facility before it announced it had signed the agreement last week.
  • Kinnect, the Lloyd’s-backed electronic data transfer initiative, has confirmed that it is recoding its platform for future releases. Speaking to Insider Week, Iain Saville, chairman of Kinnect, said the re-coding aimed to improve the functionality...
  • QBE Insurance Group has announced the appointment of Chris Fish as CFO for its Americas division.
  • The Royal Bank of Scotland (RBS) has extended the deadline for the first round of bids for its insurance division, following apparent dwindling interest in the units.