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  • London-listed Lloyd's carrier Novae on Wednesday (5 March) reported a 7.2 percent increase in its 2013 pre-tax profit as lower catastrophe claims offset a steep drop in investment returns, and said it planned to return spare capital to investors via a 20p per share special dividend.
  • Scor, the world's fourth-biggest reinsurer, on Wednesday (5 March) reported a 31 percent increase in its 2013 profit, helped by a stronger performance from its core P&C division.
  • Broking giant Marsh has appointed current US chief David Bidmead to the new position of global leader of its Multinational Client Service (MCS) division and chair of its multinational executive committee, The Insurance Insider can reveal.
  • Commercial property specialist FM Global booked 2013 net profits of $1.02bn that were up 32 percent on a prior year that was afflicted by significant Sandy losses.
  • American International Group (AIG) has reshuffled management in its commercial insurance business including the appointment of Michael Smith as COO.
  • Arch is understood to be taking a minority equity stake of up to $100mn in Watford Re as the Bermudian start-up gets ready to go live with circa $1bn of high net worth capital behind it
  • The arrival of Arch's Watford Re could represent the start of a fundamental shift in the casualty reinsurance market that drives down the cost of capital for writing business that has increasingly been retained by insurers in recent years
  • Great American has extended its $30 a share offer for the stock it doesn't already own in National Interstate from 6 March to 17 March and waived the minimum tender offer condition as it reiterated its approach for the US insurer
  • Fresh from the pounding they took at 1 January, catastrophe reinsurers look as if they may come away from the Japanese renewals relatively unscathed, The Insurance Insider understands
  • Direct Line's former managing director of personal lines, Tom Woolgrove, has been appointed interim CEO of Flood Re, an industry-owned reinsurer that will subsidise the cost of insuring UK homes at the highest risk of flooding.