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  • The UK insurance industry defied the downturn in net exports that hit other areas of the financial services industry in 2009, adding £8.3bn to the balance of trade.
  • Accounting rules for (re)insurers writing long-tail risks and using one of the two recognised international standards are likely to get more complicated, following proposed changes announced today (2 August).
  • White Mountains Re has been forced to add an additional $20mn to its reserves for the Chilean earthquake, bringing the total expected losses to $130mn.
  • Gallagher International, the acquisitive international arm of US broker AJ Gallagher, has announced it is to acquire the remainder of Western Australian natural resources broker and risk manager Specialised Broking Associates (SBA).
  • Aon saw a 1 percent decline in organic revenues in Q2 as the global broker continues to battle against the P&C soft market and economic pressures.
  • UK-listed broker Jardine Lloyd Thompson (JLT) powered to a 14 percent increase in pre-tax profits in H1, as strong organic growth was complimented by favourable foreign exchange movements and acquisition-driven growth.
  • Everest Re has hiked its Chile loss estimate by almost forty percent from $290mn to $400mn as the reinsurer has no retro cover to fall back on.
  • Ratings agency Standard & Poor's (S&P) has upgraded the insurer financial strength ratings on Arch Capital Group's insurance and reinsurance operating companies to A+ from A.
  • Scor's profits slipped by 15 percent to EUR156mn in the first six months of 2010 as natural catastrophe losses took their toll.
  • Aspen Insurance Holdings beat analysts' consensus forecasts by 23 cents a share as it reported Q2 operating earnings of $104.9mn, or $1.23 a share, marginally down on the $103.8mn or $1.14 a share it earned in the prior-year period.