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  • MMC is close to restructuring its relationship with its private equity arm, MMC Capital, less than a month after the Securities & Exchange Commission (SEC) requested information about the unit.
  • Specialist Bermudian reinsurers RenaissanceRe Holdings Ltd and PartnerRe Ltd received another round of subpoenas from US regulators last week. The New York Attorney General Eliot Spitzer and the Securities & Exchange Commission are requesting informati
  • Equity analysts from Morgan Stanley have reinforced concerns over insurers’ exposure to environmental liabilities, suggesting current reserves are “priced for perfection”, and warning that claims for Natural Resource Damages (NRDs) should be looming large
  • Lloyd’s insurer Atrium announced strong half-year results last Tuesday, and revealed underwriting plans for next year that will see it shift the focus away from its third party underwriting portfolio towards its managed syndicates.
  • Highway Insurance Holdings has bought personal lines insurance broker A Quote Insurance Services Limited for £4.6mn.
  • US insurer Cigna has announced that it will pay the State of Connecticut more than $870,000 after an investigation by state attorney general Richard Blumenthal revealed it had concealed improper commission payments to a broker.
  • Rising interest rates may cause up to a 3 percent reduction in the average US (re)insurer’s book value by the first half of the year, analysts at Morgan Stanley have warned.
  • Lloyd’s run-off vehicle Equitas continued its strategy of commuting its policies by announcing two significant agreements in recent days.
  • The UK insurance industry must become tougher on spurious claims if it is avoid a reputation of being a “soft touch”, Aon warned today (26 July, 2004).
  • Robert Stearns, a senior vice-president and excess casualty broker at Marsh's New York office, pleaded guilty to a felony fraud charge last week in relation to New York attorney general Eliot Spitzer's investigations into bid-rigging.