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U.S. reinsurers took a beating in the past year, evidenced by a $6.9 billion drop in their overall level of surplus.

U.S. reinsurers took a beating in their surplus during the first half, seeing a drop of $6.9 billion from last year.

U.S. reinsurers took a beating in their surplus during the first half, seeing a drop of $6.9 billion from last year--down 9.5 percent to $65.9 billion in 2009, according to the Reinsurance Association of America.

Partner Reinsurance was the champion in an 11-team Insurance Industry Charitable Foundation (IICF) softball tournament, hosted by Aon Benfield, it was announced.

American International Group has reduced its holdings in reinsurer Transatlantic Holdings, Inc., to 14 percent netting the New York-based insurer $1.14 billion as it continues to sell off its assets.

American International Group said it has closed the sale of its interest in reinsurer Transatlantic Holdings, Inc., reducing its holdings in the company to 14 percent and netting the New York-based insurer $1.14 billion.

American International Group, Inc. said underwriting managers have purchased an additional 3.9 million shares of Transatlantic Holdings Inc. from AIG leaving the company with a 14 percent stake.

The price tag on American International Group's sale of its holdings in reinsurer Transatlantic Holdings Inc. has been put at $1.14 billion.