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  • 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.
  • 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.
  • 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).
  • Global accountancy firm Deloitte has predicted losses of £1bn for UK motor insurers in 2010, but said it believes the industry could return to profitability by 2011 if it increased rates sufficiently.
  • As Brit Insurance accepted Apollo Management-CVC Capital Partners' cash offer last week (26 October), its interim management statement showed an unwillingness to chase top-line growth so far this year.
  • French insurer Axa has reported a 0.7 percent lift in property and casualty (P&C) insurance revenues to EUR21.4mn for the first nine months of 2010, with growth in personal lines offsetting a decline in commercial business.
  • Spanish (re)insurer Mapfre reported a 5.2 percent slide in year-on-year net profits for the first nine months of 2010 to EUR704.5mn, although revenues grew over the period by 9.2 percent to EUR15.7bn ($21.7bn).
  • US insurance giant Allstate booked lower Q3 profits than anticipated by analysts following a $70mn pay-out to settle litigation.
  • Specialty insurer WR Berkley saw profits slip by a modest 4 percent to $94mn in the third quarter, as it resisted the downward pressure that softening rates and torpid investment returns have been placing on bottom lines.