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  • XL Group estimates it will take a net loss of $60mn from the series of hailstorms that struck Germany and France in late July.
  • Tower Group has bowed to the pressure of a precipitous fall in its share price amid uncertainty about a black hole in its reserves by appointing JP Morgan to sell the business, The Insurance Insider can reveal.
  • The UK's Chartered Institute of Insurers (CII) has criticised proposals set out in planned water legislation that would oblige the industry to cover households deemed at high risk of flooding
  • Insurers are being pushed towards riskier investments in an attempt to appease shareholders as quantitative easing (QE) drives down returns, a study by investment manager BlackRock suggests.
  • Securis Investment Partners has hired AJ Gallagher International executive Neil Strong to head up business development as the London-based insurance-linked securities fund manager looks to expand its investor base globally.
  • Liberty Mutual has restructured three of its businesses to create a single operation, Liberty Specialty Markets, which will write almost $3.5bn of gross premiums
  • Japan's insurers are on course to boost their profits over the next 12-18 months thanks to a combination of cost cuts and higher motor insurance prices, according to rating agency Moody's.
  • Capacity prices at Lloyd's have increased by 28 percent on last year's average in the first auction results of the year, members' agent Argenta has said
  • Talanx, Germany's third-biggest insurer and the majority owner of reinsurer Hannover Re, is actively looking for acquisitions in Mexico, Brazil, Poland and Turkey, and will rely on equity investors to finance any deal worth more than EUR180mn ($241mn), its chief executive said.
  • Lloyd's of London today (26 September) reported a 10 percent drop in its half-year profit, as a sharp decline in investment returns outweighed a stronger underwriting performance.