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  • Swiss Re is re-shuffling senior management in its beleaguered financial markets division, and putting its "non-core" businesses into run-off.
  • William Stovin has replaced the US-bound Gerry Albanese as president and COO of Markel Corporation’s London subsidiary Markel International.
  • Hardy Underwriting Bermuda Ltd said its profits dipped slightly in the first half of 2008 as the (re)insurer revealed plans to ramp up its presence in Bermuda.
  • Ratings agency Moody's Investors Services said it would be assessing the impact on the credit profiles of FGIC Corp and MBIA Insurance Corporation following their $184bn reinsurance coverage deal.
  • In common with many (re)insurers, Brit Insurance Holdings plc saw its 2008 interim profits suffer as a result of unrealised losses on its investment portfolio, partly offset by reserve releases and a foreign exchange profit.
  • US giant American International Group Inc (AIG) could face third quarter losses reaching as high as $6.5bn at its troubled financial products division (AIGFP) as the credit markets continue to weaken, according to Credit Suisse analyst Thomas Gallagher.
  • Allianz has finally shed its under-performing banking unit Dresdner Bank for up to EUR9.8bn to German banking group Commerzbank.
  • Max Capital Group Ltd has appointed Kevin Werle as executive vice president and chief risk officer following the recent restructure of its senior management team.
  • Guy Carpenter & Company LLC has announced the appointment of Cory Anger as head of global structuring for GC Securities.
  • Bermudian-headquartered run-off company Alea Group Holdings returned to profit in the first half of this year posting a result of $0.8mn against a loss in the prior-year period.