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  • Endurance Specialty followed fellow multi-peril crop insurance (MPCI) writers Ace and American Financial in commenting on the impact of the ongoing US drought as it booked Q2 net profits that increased from $37.3mn to $64.3mn.
  • The cost of regime change weighed on otherwise healthy second quarter earnings from Bermudian (re)insurer Axis.
  • UK-listed broker Jardine Lloyd Thompson (JLT) has appointed Ace European Group CFO Mike Reynolds as finance director to replace Simon Mawson
  • Argo is seeking to transfer some of its prior years' reserve risk to a legacy buyer so that capital is freed up to support current underwriting, according to well-placed sources.The Aon Benfield-run auction has sought bids from Lloyd's reinsurance to close (RITC) specialists, with final offers due to be submitted shortly for a portfolio with more than $200mn in gross reserves, sources said.
  • Major 2012 P&C mergers and acquisitions...
  • Valuations for (re)insurers in The Insurance Insider's P&C universe
  • Greenlight Re, the Cayman Islands-domiciled carrier founded by hedge fund manager David Einhorn, reported a net loss of $36.1mn for the three months to 30 June as investment losses took their toll on the company's bottom line
  • American Financial Group (AFG) has followed multi-peril crop insurance (MPCI) market share leader Ace Limited in adjusting its 2012 earnings guidance to reflect the ongoing US drought.
  • PartnerRe become the latest (re)insurer to comfortably beat Wall Street profit forecasts as it booked Q2 operating earnings of $142.0mn that were more than double the $67.2mn recorded in the prior-year period.
  • Canopius Group Limited is set to exit its existing Bermuda reinsurance operations after New York-listed Tower Group revealed it has exercised its option to merge with the platform.