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  • RK Harrison has struck a deal with Marsh Ltd over the transfer of a UK professional indemnity (PI) team from HSBC Insurance Brokers (HIBL), which was acquired in a £135mn deal earlier this year.
  • Aon Benfield has teamed up with Ascot Underwriting to provide a new facility for Chile earthquake cover.
  • Montpelier Re has swung to a first quarter operating loss of $23mn compared to a $48mn profit a year earlier, following losses of $94mn from the Chilean earthquake and $3mn from Windstorm Xynthia.
  • In line with many of its Bermudian peers, RenaissanceRe reported a rise in first quarter net income despite paying for exceptional catastrophe losses in the first three months of the year.
  • Middle East-headquartered Brokerage World Solutions (BWS) is launching a joint venture (JV) with Lloyd's entity Oxygen Insurance Brokers as it looks to develop its global reach.
  • WR Berkley delivered $119mn of net income in Q1, reversing its deficit of the previous year, after making investment gains and avoiding significant losses from the Chilean earthquake and Windstorm Xynthia.
  • A US Senate oversight committee has criticised rating agencies Moody's and Standard & Poor's (S&P), alleging that they sold AAA ratings to investment banks for portfolios of assets that they knew to be a considerable default risk.
  • Bermudian (re)insurer Axis booked a $5mn underwriting loss in its reinsurance segment in Q1 2010 - against gains of $61mn for the same period in 2009 - as results were hit by the high level of catastrophe activity.
  • Bermudian (re)insurer Arch Capital Group saw first quarter profit rise to $210.5mn from $139.9mn in Q1 2009, as its investment performance improved year-on-year.
  • International lawyers have moved to ease insurance industry concerns over President Barack Obama bolstering US treasury powers to aid the fight against piracy off Somalia.