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  • CNA Financial Corporation became the latest insurance Group to exit reinsurance when revealing that it has sold the renewal rights, together with much of its under-performing reinsurance book, to Folksamerica Reinsurance Company, a unit of Bermudian based
  • (Re)insurer ACE last week announced a dividend of 19 cents per ordinary share, for the third quarter of 3002.
  • Compulsory terrorism cover will begin later this week (1 July) in Australia, after The Terrorism Insurance Act received Royal Assent on 24 June.
  • Lloyd’s insurer Hardy Underwriting Group plc has denied it plans making a bid for rival insurer Atrium Underwriting plc.
  • United Airlines has filed a $25mn complaint in the US District Court in the Southern District of New York against AIG over the insurer’s refusal to pay for business interruption losses after the 9/11 attacks.
  • Rates for directors & officers cover in the US climbed to an all time high last year as insurers continued to increase rates, according to Tillinghast’s 2003 Director’s and Officers Liability survey.
  • Despite the large loss of life, the 11 March Madrid terrorist attack will have only a limited impact upon the industry because of the longstanding government backed compensation fund, the Consorcio de Compensaciones de Seguros.
  • Lloyd’s listed vehicle Kiln plc announced last week that Professor Ian Percy will retire as chairman with effect from 4 March 2005 and as a director from 31 March 2005.
  • The Munich Re subsidiary American Re has reported a net loss of $506.5mn for the third quarter of 2001.
  • Julian Taylor, the Marsh UK employee suspended for allegedly charging unauthorised commissions, has now been dismissed according to the broker.