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  • Despite agreeing a deal with SCA and regulators to shed the majority of its $65.7bn pre-IPO notional exposures to the bond insurer, XL is still on the hook for potential liabilities under guarantees that were around $1.1bn in notional value at the end of
  • An inevitable sign of the times is that insurers are seeing their revenues either flat or falling – a trend that featured heavily in AM Best’s table of top US property casualty writers.
  • Like its larger rivals Aon and Willis, Arthur J Gallagher & Co was able to report a rise in total brokerage and risk management revenue of 6 percent, but the Chicago-based firm missed Wall Street estimates in its Q2 figures as the soft market hit results.
  • Early reporting Lloyd's (re)insurers offered results hit by the year's heavy cat claims and difficult investment conditions.
  • In contrast to the familiar pattern of capital-strong Bermudians boosting figures in the soft market with reserve releases, White Mountains Insurance Group took a $51mn Q2 hit as a result of adverse development in its reinsurance business.
  • Lloyd's insurer Jubilee Managing Agency Ltd is continuing its expansion strategy with the appointment of property underwriter Martin Pope and a team from Travelers, The Insurance Insider understands.
  • Later this month, potential acquirers of a EUR100mn German run-off portfolio should receive information packs which will enable them to price their interest.
  • After keeping his counsel for most of his first three months at the helm of XL Capital, Michael McGavick was refreshingly candid in his assessment of the embattled (re)insurer as he addressed analysts at the start its Q2 earnings call.
  • The scramble for an EC3 platform is continuing apace with the acquisition of Imagine Group's Lloyd's operations and a takeover bid for the AIM quoted (re)insurer, Advent Capital Holdings.
  • The head of specialist reinsurance broker RK Carvill & Co Ltd's New York office has left the company, The Insurance Insider can reveal.