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  • Bermuda’s Allied World Assurance Company Holdings Ltd (AWAC) is expanding its US presence with the $550mn cash acquisition of Darwin Professional Underwriters Inc.
  • Aon Risk Services has launched a mergers & acquisitions (M&A) service for private equity, sovereign funds, business-to-business, real estate and infrastructure funds based in its Dubai office.
  • AXIS Capital Holdings Limited has poached Michael Steel, Benfield Group's global head of capital markets and appointed him in the newly created role of chief risk officer, the Bermudian company has announced.
  • Hawaiian governor Linda Lingle has signed a new law making the transfer of insurance-linked securities to the capital markets more efficient for captives.
  • Ratings agency Moody's Investor Services has cut its outlook on XL Capital to negative due to the company's exposure to the sub-prime crisis through its bond insurer affiliate Security Capital Assurance (SCA).
  • Acquisitive run-off specialist Enstar Group Ltd has announced plans to raise around $105mn with a new public share issue.
  • Net income for the US property & casualty (P&C) insurance industry has almost halved in the first quarter of 2008 after heavy losses in underwriting results, according to the US P&C associations.
  • Deven Sharma, president of credit rating agency Standard & Poor's (S&P), has called for a co-ordinated approach by credit agencies to ensure there is greater global rating consistency.
  • As predicted by The Insurance Insider last week, Capita Group plc and Marsh UK finalised their 10-year outsourcing deal, worth £187mn, that will see around 600 staff transfer to the outsourcing firm.
  • Marsh is dusting off the venerable Bowring name with the formation of a new international division, Bowring Marsh, which will bring together its international placement capabilities for property, terrorism and casualty risks.