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  • It's not often that a profit-making listed company is acquired for less than its current share price. But that is what occurred last week when US (re)insurer Markel Corp agreed to buy the UK professional fees insurer Abbey Protection, in a deal that will bolster its presence in the specialist end of the UK retail market.
  • Direct Line, the UK motor insurer spun out of bailed-out lender Royal Bank of Scotland (RBS) last year, has announced plans to sell a closed book of life policies and return the proceeds to investors via a special dividend of 4 pence per share.
  • Berkshire Hathaway was among the parties that made first-round bids for The Hartford's Japanese variable annuity business, it is understood.
  • London-listed Randall & Quilter (R&Q) bought run-off insurer Flagstone Alliance Insurance and Reinsurance (FAIR) from Validus for $24.1mn last week, at a 15 percent discount to net asset value.
  • The hit to profitability from the well-publicised drop-off in US catastrophe rates in 2013 will start to become apparent in the third quarter, analysts at US investment bank Keefe, Bruyette & Woods (KBW) said in a note previewing the upcoming results season.
  • More (re)insurers are likely to suffer financial crises of the kind that have engulfed Tower Group and Meadowbrook due to underpriced business and under-reserving in the low interest rate environment, says industry entrepreneur Bill Berkley.
  • If 2013 will be remembered for the growing exercise of broker power, 2014 may be the year when the battlefield moves to the wholesale arena.
  • Capacity prices at Lloyd's jumped by nearly two thirds in the second auction of 2013, in a further sign of the 325 year-old insurance market's growing appeal to investors.
  • The more energetic approach that Lloyd's has taken to bringing the People's Insurance Company of China (PICC) into the market is part of a wider strategic shift that also saw the Corporation reach out to Spanish and Latin American market leader Mapfre earlier in the year, it is understood.
  • Two equity analysts have written notes with valuations for New York-listed carrier Tower Group based on it going into run-off.