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  • ACE Ltd has partially lifted the asbestos albatross which haunted the company’s reserves ever since it acquired CIGNA Property & Casualty business in 1999, by selling its run-off unit Brandywine to Randall & Quilter Investment Holdings Ltd.
  • Last week, ACE USA chief executive Susan Rivera became the second most high profile casualty from the investigations into insurance industry practices following the ousting of MMC chief executive Jeffrey Greenberg in October 2004.
  • Brokers Benfield Group, has acquired a further 43 percent of the world’s only dedicated space insurance intermediary, International Space Brokers (ISB).
  • The first conviction relating to the 2001 collapse of Australian insurer HIH went to former finance officer Bill Howard – but his two year sentence was suspended on condition that he continues to co-operate with prosecutors.
  • Insurers providing Parmalat’s $50mn directors and officers’ liability protection may seek to void the cover for misrepresentation, according to sources.
  • Insurance brokerage Arthur J Gallagher has announced the acquisition of Lloyd’s broker Connor Hale Kerslake.
  • Casualty insurance premiums, particularly those for D&O, employers’ and product liability and medical malpractice, are likely to remain firm or even rise in 2004, according to the latest report from broking group Jardine Lloyd Thompson.
  • Japanese insurer Aioi Insurance Company revealed today (5 January 2004) that it expects its 2003 profits will be up by 35 percent because of compensation received from the aviation reinsurance pool manager, Fortress Re.
  • Royal & Sun Alliance, the UK’s second largest non-life insurer, has appointed George Culmer to replace Julian Hance as the Group chief financial officer.
  • WTC leaseholder Larry Silverstein suffered a setback last week when a judge ruled that a jury could hear a court ruling unfavourable to him.