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  • A Munich Re subsidiary has received a license to operate in Dubai's financial free zone, the Dubai International Finance Centre (DIFC) where the German giant will set up its regional reinsurance hub for the Middle East and African regions.
  • Financial/professional lines specialist MGA Dual Corporate Risks has continued its expansion with the launch of a new property & casualty (P&C) division, with initial capacity to be provided by Amlin.
  • (Re)insurance players eager for an active hurricane season to stir up the soft market will have to be patient after Hurricane Alex made landfall in the Soto La Marina area of northeastern Mexico in the early hours of this morning (0200 GMT) as a category 2 hurricane on the Saffir-Simpson scale.
  • Expansive Bermudian (re)insurer Torus has completed the acquisition of the direct and facultative (D&F) arm of Glacier Re for an undisclosed sum.
  • Private equity-backed Lloyd's insurer Canopius has paid an undisclosed fee to take over motor underwriter KGM.
  • The unprecedented level of first quarter catastrophe losses was not sufficient to drive a general reinsurance market turn, as the trend of price declines amid fierce competition continued at the 1 June and 1 July renewals, according to Willis Re.
  • With no "white knight" to rival Apollo Management's £800mn indicative bid for Brit Insurance, negotiations are expected to come to a head as the two parties look for common ground in their valuation of the UK insurer.
  • Bermuda-based Montpelier Re's board has signed off a further $100mn share buyback programme, according to Securities and Exchange Commission (SEC) filings.
  • Aon Benfield co-chief executive Dominic Christian has warned that under existing (re)insurance cover there are around 50 other countries worldwide that could produce losses of a similar magnitude to Chile.
  • Lloyd's underwriting chief Tom Bolt and his co-panellists at Standard & Poor's UK Insurance Symposium were notably bearish on prospects for an upturn in the pricing cycle.