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  • Aioi Insurance, Sompo Insurance and Taisei Reinsurance announced last week that they had settled claims against US reinsurance agent Fortress Re over losses related to the 9/11 terrorist attacks.
  • US financial services behemoth Citigroup revealed the full impact of its previously announced $4.95bn second quarter charge to settle litigation springing from corporate scandal cases such as WorldCom and Enron as it unveiled its worse quarterly figures i
  • Lloyd’s underwriting members will provide a compulsory loan from next year as part of a scheme to grow the Society’s central assets and improve its financial strength ratings.
  • Class of 2001 insurer Allied World Assurance Holdings revealed last week that it has entered into an agreement with the London based agency Vespasian Management Ltd to advise on the development of its accident and health reinsurance business.
  • Ratings agency Standard & Poor's (S&P) has raised its long-term counterparty credit and insurer financial strength ratings on Allianz Ireland and Allianz Corporate Ireland (collectively Allianz Ireland) to “BBB” from “BBB-“, with a stable outlook on both
  • The asset drain continues at Marsh & McLennan’s troubled investment management arm Putnam, according to latest figures and analysis from equity analysts at Morgan Stanley.
  • Reinsurer XL Re has announced the appointment of Jeremy Hindle as ceded reinsurance and underwriting risk manager.
  • Insurance industry must be prepared to face “progressively rising losses” New research published by the Benfield Hazard Research Centre has painted a bleak picture of the impact of global warming and the prospects for tackling climate change.
  • The American Insurance Association (AIA) has said there is strong bipartisan support for a prolonged life-span for the US Terrorism Risk Insurance Act of 2002 (TRIA).
  • Despite cautious optimism that class action reform legislation might finally make it to the statute book, the Class Action Fairness Act went the same way as other recent tort reform initiatives as it died on the Senate floor last Thursday (8 July).