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  • Fairfax Financial has bought US specialty (re)insurer First Mercury Financial for $294mn, while its Q3 net profit fell 65 percent year-on-year on lower investment gains.
  • Canada-based Sun Life Financial has agreed to sell its life reinsurance business to Warren Buffett's Berkshire Hathaway for an undisclosed sum.
  • Bond insurer Ambac Financial Group warned today (1 November) that it may file for Chapter 11 protection later this year if it is unable to agree a pre-packaged bankruptcy plan with its senior debt holders.
  • Maurice "Hank" Greenberg has responded angrily to the New York State Supreme Court's decision last month that he is liable for damages relating to the so-called Capco reinsurance deal that allegedly hid more than $200mn of auto warranty losses from American International Group (AIG).
  • American International Group (AIG) has raised almost $37bn to help it pay down its US government bailout by floating pan-Asian life insurance operation AIA and closing the deal to sell US life insurance business Alico to MetLife.
  • Xchanging, the business process outsourcer that runs the London market back office, has said economic conditions are continuing to put pressure on activity levels.
  • Insurance venture capital specialist BP Marsh has recovered from pre-tax losses of £1.76mn in the six months to 31 July last year to post pre-tax profits of £1.38mn.
  • Brit Insurance's management would have only restricted access to profits if the Apollo-CVC buy-out succeeds because of a rare financial instrument used in the controversial takeover of English football team Manchester United.
  • The UK government-controlled Royal Bank of Scotland (RBS) has appointed investment bank giants Goldman Sachs and Morgan Stanley as advisers ahead of the sale of its insurance arm.
  • Equinox Global is the latest new arrival in the credit insurance sector after being launched in London today (1 November).