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  • Bermudian giant ACE reported net income down 38 percent for the fourth quarter and 20 percent for the year last Wednesday (2 February) as it felt the impact of the sale of its Brandywine reinsurance unit late last year.
  • The UK regulator Financial Services Authority brought its new risk-based capital regime a step closer last week with publication of the rules determining how much capital insurance companies will have to hold before they can be authorised.
  • Embattled broking giant Willis saw its two closest competitors, Aon and Willis, both abolish the controversial practice of charging insurers’ contingent commissions based on the volume of business they supply.
  • World Trade Center leaseholder Larry Silverstein succeeded in persuading US district court judge Michael Mukasey to issue a “confidentiality order” over mediation discussions between the remaining ten insurers.
  • Reinsurance broker Glencairn has announced it has hired Mark Ter Haar as business development director, as part of its acquisition of IoRisk Solutions.
  • The investigation by New York attorney general Eliot Spitzer into the use of Placement Service Agreements (PSAs) shows no sign of coming to an end, with the latest development being a subpoena issued against Bermuda based AXIS Capital Holdings Limited on
  • Recently merged US insurance giant St Paul Travelers faces losses over and above the $252mn reserve it set aside for a surety exposure on the so-called "Big Dig" project, according to analysts at Lehman Brothers. In a note, equity analyst Chris Winans hi
  • 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. According to figures from research firm IS
  • The Japanese government will increase its limit for earthquake reinsurance payments for the first time in three years, according to the Daily Yomiuri newspaper.
  • Run-off specialist Omni Whittington has announced the appointment of Harry Whitcher as the new compliance and risk manager for Reliance National Insurance Company (Europe) Limited.