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  • The drive for meaningful asbestos reform in the US took a big step forward last Thursday as the Senate Judiciary Committee marginally voted in favour of Senator Orrin Hatch’s Fairness in Asbestos Resolution Act.
  • Troubled UK liability insurer The Underwriter has announced that it has gone into “solvent run-off” and, as of last Friday (11 July), will no longer write new business. The decision comes as a result of an FSA review into the company’s parlous capital sit
  • Bermudian (re)insurer Montpelier Re filed last Thursday with the Securities and Exchange Commission to sell $200mn in senior notes.
  • Giant German Munich Re has become the first international reinsurer to receive a nationwide composite operating license in China as penetration into the tightly controlled domestic market gathers pace.
  • In the wake of GoshawK’s 3 July mea culpa profits warning, the rating agency AM Best have downgraded the Lloyd’s insurer’s Syndicate 102 from A (excellent) to A- (excellent).
  • General insurers are less pessimistic than they were in the first three months of 2003, according to today’s latest quarterly financial services survey by the CBI and PricewaterhouseCoopers (PWC).
  • Insurance information service provider Axco has offered an upbeat assessment in its inaugural report on the London Market.
  • Markel International, the London based arm of US insurer Markel Corporation, received a boost last week from rating agency AM Best when its financial strength rating was upgraded to A-.
  • Bermudian post 9/11 start-up Montpelier Re has tied up a $450mn funding arrangement to support its letter of credit needs.
  • Victims of deep vein thrombosis (DVT) lost a landmark appeal last Thursday as a December 2002 High Court ruling was upheld, preventing claimants from suing airlines for compensation.