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  • Montreal, Maine & Atlantic Railway (MMA), the operator of the train that derailed in Lac-Mégantic, Canada, has been granted bankruptcy protection by a Quebec court.
  • London-listed (re)insurer Catlin said its half-year profit fell by a bigger-than-expected 37 percent as writedowns to take account of rising interest rates weighed on its investment performance.
  • Standard & Poor's (S&P) has lowered its rating of Malaysian-based reinsurer Best Re by two notches to BBB as the company's Dubai parent failed to provide the capital support expected to help it rebuild after extensive catastrophe losses in 2011.
  • Towers Group's shares went into free fall today, losing 22 percent of their value and wiping $273mn off the market capitalisation of the New York-listed insurer.
  • The US National Oceanic and Atmospheric Administration (NOAA) Climate Prediction Center has joined other forecasters in lowering its outlook for the 2013 Atlantic hurricane season
  • Florida's chief financial officer Jeff Atwater has argued that Floridian policyholders deserve rate decreases as a result of falling reinsurance rates
  • Names-backed Lloyd's (re)insurer Managing Agency Partners (MAP) has upgraded its profit forecasts for the 2012 year of account at syndicates 2791 and 6103
  • Swiss Re reported $477mn of net natural catastrophe losses for the second quarter, taking the total 2013 insured loss tally above $6.7bn, according to The Insurance Insider's Data Room.
  • Profits surged by 74 percent at independent London broker Alwen Hough Johnson (AHJ) to reach £1.53mn in calendar year 2012, its annual accounts show
  • US and Lloyd's insurer Navigators reported a 6.7 percent drop in net income to $13.9mn in the second quarter as investment returns fell and top-line growth slowed