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September 2011/4

  • Validus has indicated that it intends to continue its direct appeal to Transatlantic shareholders despite entering into takeover talks and signing a confidentiality agreement over the weekend.
  • The winding up of insolvent UK insurer Highlands Insurance Company (HUK)'s liabilities has moved within sight after cedant creditors agreed to a scheme of arrangement's terms.
  • (Re)insurance service provider and run-off acquirer Tawa last week reported a post-tax profit of $11mn for the first half of the year, with results boosted by capital releases from its run-off portfolios.
  • Lawyers for former Chicago broking heavyweight Mike Segal have filed papers with the US Supreme Court asking it to overturn his conviction for federal fraud offences.
  • Lloyd's is facing legal action in Quebec relating to a 2004 case over policies it alleges were fraudulently sold using its name, the organisation said in its half-year results released last week.
  • Lloyd's Syndicate 3500 has dropped a lawsuit that accused the government of Saudi Arabia and several charities of supporting the 9/11 terrorist attacks just 11 days after it was filed.
  • The last of the original 95 wrongful death lawsuits resulting from the 9/11 terrorist attacks has been settled, potentially ending a decade of litigation that has led to combined settlements of more than $500mn.
  • The UK government should seize the opportunity presented by the overhaul of the country's financial regulation framework to instigate a cultural shift in the philosophy of supervision, according to Michael Wade, chairman of London market independent broker Besso.
  • Another game of political chicken has begun on Capitol Hill, with the National Flood Insurance Program (NFIP) at the centre of a two-way tussle between the House of Representatives and the Senate.
  • The European Commission (EC) has withdrawn plans to commission a review of the insurance subscription markets.
  • Crop (re)insurers face further upheaval following the significant reforms in the 2011 Standard Reinsurance Agreement (SRA) after President Obama targeted the agricultural sector as part of efforts to cut the federal budget deficit.
  • Crop (re)insurers face further upheaval following the significant reforms in the 2011 Standard Reinsurance Agreement (SRA) after President Obama targeted the agricultural sector as part of efforts to cut the federal budget deficit.
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