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  • Hurricane Karl regained strength last week as it passed over Mexico for the second time and became the fifth major hurricane of the 2010 season.
  • From a standing start two years ago, Hannover Re looks set to become the largest writer of UK solicitors' professional indemnity (PI) business as the market renews on 1 October, The Insurance Insider can reveal.
  • The Qatar Financial Centre (QFC) Authority emerged last week as the latest suitor in negotiations over the sale of London market electronic trading business RI3K, while the due diligence period of potential buyer MphasiS came to an end.
  • As the quoted Lloyd's stocks struggle to trade above book value, the news that Brit Insurance is likely to recommend an all-cash buy-out offer from the private equity consortium of Apollo and CVC is again stoking predictions of consolidation and merger and acquisition (M&A) activity on Lime Street.
  • Steve Roder, the former CFO of American International Group's (AIG) giant AIA Asian life unit, is looking for $500mn-$1bn in backing for a new Asian-focused reinsurer, along with two other senior reinsurance executives.
  • Fairfax Financial Holdings has agreed to pay $209mn for a 39.2 percent stake in Kuwait-headquartered carrier Gulf Insurance.
  • UK private equity group CVC Capital Partners has emerged as the mystery partner with Apollo to buy out Lloyd's (re)insurer Brit with a likely-to-be-recommended all cash offer worth up to 1100 pence a share.
  • Lexicon Partners, the kingmaker behind many London market and UK (re)insurance tie-ups, has replaced its retiring chairman with Sir Laurie Magnus.
  • London-based specialist agency Sciemus claims its new analytical tool for assessing wind turbine risks will enable underwriters to provide more tailored premiums.
  • Average net losses on underwriting in the private US property and casualty (P&C) sector grew to $5.1bn during the first half, compared to $2.1bn during H1 2009, as a decline in earned premiums took its toll