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  • For the second time this year wildfires have forced thousands of Californians to evacuate their homes.
  • Bermudian (re)insurer Arch Capital Group reported a healthy 44 percent rise in its net income of $199.4mn, or $2.65 per share, for the second quarter of this year.
  • Canada-based Sun Life Financial has agreed to sell its life reinsurance business to Warren Buffett's Berkshire Hathaway for an undisclosed sum.
  • International specialty insurer AmTrust Financial Services lifted its first quarter operating earnings by 30 percent to $57mn as the company continued to expand its premium base aggressively
  • Rating agency A.M. Best Co. has downgraded the financial strength ratings to A (Excellent) from A+ (Superior) of the members of AXA Corporate Solutions (AXACS), France.
  • Aspen Re, a subsidiary of UK (re)insurer Aspen Insurance Holdings Ltd, has announced plans to open a major office in Zurich, to act as the hub for Aspen’s European reinsurance activity.
  • Bermudian (re)insurer Aspen has replenished a $500mn share buyback programme as it declared a $280mn profit for 2012 after significantly expanding its insurance premium base during the year
  • Kerrie Kelly is to step down as director general of the Association of British Insurers (ABI) barely six months after taking the role.
  • Swiss Re and Catlin are facing the possibility of a $73.4mn and $73.2mn loss each arising out of last October’s California wildfires, The Insurance Insider understands.
  • Allied World, Endurance and Ironshore have all participated in the strategic process that Torus is running with Goldman Sachs, The Insurance Insider can reveal