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Financial institutions Morgan Stanley and HSBC reached an agreement with guaranty insurer MBIA to withdraw from their legal challenges and go their separate ways, leaving five firms to battle it out over the insurers restructuring and accusations the banks fraudulently secured insurance coverage.

Financial institutions Morgan Stanley and HSBC reached an agreement with guaranty insurer MBIA to withdraw from their legal challenges and go their separate ways, leaving five firms to battle it out over the insurers restructuring and accusations the banks fraudulently secured insurance coverage.

The string of catastrophes that wrought so much destructionand caused so many insurer lossesearly in 2011 also spurred the formation of special purpose insurers (SPIs) in Bermuda with 17 formed this year, the largest number to date.

The string of catastrophes that wrought so much destructionand caused so many insurer lossesearly in 2011 also spurred the formation of special purpose insurers (SPIs) in Bermuda with 17 formed this year, the largest number to date.

HSBC Holdings has approached the top three property-and-casualty insurers in Japan about the sale of its non-life insurance business, which could fetch more than $1 billion, sources close to the matter said on Thursday.

HSBC Holdings has approached the top three property-and-casualty insurers in Japan about the sale of its non-life insurance business, which could fetch more than $1 billion, sources close to the matter said on Thursday.

Kane today announced the successful completion of its acquisition of the insurance management operations of HSBC.

A group of banks seeking to prevent guaranty insurer MBIA from splitting into two companies says the company underestimated its losses by as much as $10 billion to the New York Insurance Department.