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  • Lloyd’s (re)insurer Advent Capital Holdings plc fell to a first quarter pre-tax loss of £5.5mn as it was hit by the succession of heavy industrial catastrophe losses this year, together with deterioration on the 2005-07 underwriting years.
  • Zurich Financial Services Group has grown its M&A practice through the opening of a London office.
  • Australian insurer QBE has increased its presence in Asia after establishing an underwriting operation in Singapore under the Lloyd's Asia license.
  • Peter Harmer, CEO of Aon UK, is to become chairman of the London Market Reform Group (MRG).
  • Everest Re Group saw profits plummet over $200mn in the first quarter of 2008 to $77.9mn compared to the same period last year.
  • The Travelers Companies Inc is that latest insurer to reveal it has been affected by an increase in catastrophe losses in 2008's first quarter results.
  • US insurer Safeco Corporation, which last week agreed to a takeover by rival Liberty Mutual, reported a drop in quarterly profits for the fifth consecutive quarter as higher cat losses and lower premium income took a toll.
  • Rates in South Korea have dropped by as much as 20 percent, reflecting a global trend in rate reductions, according to Guy Carpenter & Co's review of the April reinsurance market.
  • Bermudian cat specialist IPCRe reported a rise in first quarter net operating profits from $68.5mn to $92.8mn, despite an active period for natural catastrophe and large risk losses.
  • Bermuda's Arch Capital Group Ltd has reported a fall in first quarter net profits from $198.6mn to $189.4mn as the combined ratio in its insurance business rose as a result of large risk losses.