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  • Bermudian (re)insurer Arch Capital revealed a 48 percent drop in net profit for the third quarter of 2010 to $141.6mn, as investment income and net earned premiums shrank.
  • Aspen Insurance Holdings reported a 36 percent drop in third quarter net income to $92.8mn, with market conditions described by CEO Chris O'Kane as "highly challenging".
  • Bermudian (re)insurer RenaissanceRe's third quarter net income dropped 21 percent year-on-year to $204.8mn, with the fall attributed primarily to a $73.6mn hit from the New Zealand earthquake.
  • Shares in Endurance edged upwards last week after it posted higher-than-expected quarterly profits of $139mn.
  • Ace remains a cautious merger and acquisition (M&A) suitor despite a busy quarter, according to group CEO Evan Greenberg.
  • News that multi-year (re)insurance deals are returning will naturally be seized upon by observers claiming that we are reaching the bottom of the global P&C (re)insurance cycle.
  • The loss of Eutelsat's W3B satellite is likely to cost the space insurance market at least EUR225mn, sister publication Inside FAC understands.
  • The future of Royal Palm Insurance is in doubt after it emerged the Floridian homeowners' insurer lost a $28mn arbitration to its founder and former state senator Wallace "Locke" Burt and his MGA Security First Managers.
  • Bermudian stalwarts John Lummis and Jim Stanard have formed Flex Capital Advisors (FCA), a management company that will underwrite reinsurance on behalf of companies and funds and is set to sponsor Flex Re, a new $500mn start-up on the island.
  • Aon's UK arm has settled a poaching case with its rival Marsh out of court, securing the withdrawal of contempt proceedings against its employee Euan Nicolson after he threw his laptop into a pond.