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  • Asked about the effect of sub-prime on XL Capital last year, Henry Keeling described the fall-out from the crisis as presenting an "attractive opportunity" for the Bermudian (re)insurer.
  • (Re)insurance stocks on both sides of the Atlantic have plunged in trading as fears continue to linger over damage to the financial services sector from the fallout of the sub-prime and credit related crisis.
  • Deutsche Bank and Guy Carpenter have formally closed the innovative cat bond Blue Coast Ltd, which sees Allianz securitise $120mn of US wind exposures in a new structure designed to minimise basis risk.
  • Investors and rating agencies were bearish on XL Capital's plans to free itself from the shackles of its bond liabilities by raising $2.5bn in equity and other securities.
  • XL Capital has entered into a $1.775bn agreement with Security Capital Assurance (SCA) that commutes its pre-IPO guarantees and reinsurance of the troubled bond insurer.
  • Two of the founders of Towergate subsidiary Fusion Insurance Services, Kevin Pallett and Geoff Crisp have stepped down from the company.
  • Despite a widely predicated active hurricane season in the Atlantic, reinsurance broker Guy Carpenter is not expecting a particularly turbulent year for cyclone activity in the Pacific.
  • Amlin plc has become the latest Lloyd's insurer to enter the US market after announcing the establishment of a representative office in Illinois taking advantage of Lloyd's admitted licence to operate in the state.
  • Rating agency AM Best has downgraded the financial strength rating of Scottish Re Group Ltd, plunging the embattled reinsurer further into junk territory.
  • US national carriers and Florida-only insurers created a surge in demand for Industry Loss Warranties (ILWs) last month, according to Jim Bryce, president and CEO of Bermudian cat specialist IPCRe.