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  • Munich Re has lifted its 2010 profit forecasts after posting a 17 percent year-on-year rise in third-quarter profit to EUR761mn, crediting investment results and favourable claims for the improved outlook.
  • Insurance exchange MarketScout's latest snapshot of US property and casualty (P&C) conditions shows that the protracted soft market continues to mire the sector with monthly rate reductions now looking like an industry norm.
  • International specialty (re)insurer Markel reported 7 percent year-on-year growth in net operating income to $63mn during the third quarter, as strong Lloyd's underwriting results compensated for mortgage-related losses in excess and surplus (E&S) lines.
  • Bermuda-headquartered Hiscox cut back the premiums it wrote through its Lloyd's platform by 14 percent to £496mn in the first nine months of 2010, as it sought to defend margins amid softening rates.
  • Bermuda-domiciled Lancashire continued its record of active capital management by announcing a special cash dividend of $213mn, equivalent to $1.40 per share.
  • Berkshire Hathaway, the reinsurer with the largest balance sheet and appetite for catastrophe business when the price is right, continued to cut back its property and casualty (P&C) risk exposures in the third quarter.
  • Oslo-headquartered protection and indemnity (P&I) club Skuld will add to Lime Street's marine and offshore energy capacity next year after confirming it has received Lloyd's approval to launch a syndicate that will begin underwriting January 2011 risks, as predicted by The Insurance Insider.
  • The convoluted saga of Ri3K's ownership has finally been resolved as the London technology platform was sold to the ambitious Qatar Financial Centre.
  • Jardine Lloyd Thompson is understood to have been the broker and Allianz the lead underwriter on the insurance placement for the Aero Caribbean ATR twin prop airliner which crashed last night in central Cuba, The Insurance Insider understands.
  • American International Group (AIG) has reported a $2.4bn third quarter net loss after sustaining $4.5bn in restructuring charges, including $3.2bn losses and goodwill write-downs on impending disposals to repay its US government rescue package.