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  • Phil Moyles has joined the legions of ex-MMC executives at private equity firm, Stone Point Capital.
  • Lloyd’s has confirmed underwriting capacity at 1 January 2008 of £15.95bn, only fractionally down on the £16.1bn the market began 2007 with.
  • Chinese insurer Ping An Insurance Co has revealed plans to raise up to $22bn in a public offering in order to fund mergers and acquisitions.
  • American International Group became the latest financial institution to bail-out a structured investment vehicle (SIV) when it came to the rescue of its $2.5bn vehicle, Nightingale Finance.
  • January has continued to be a record month for derivatives trading platform Insurance Futures Exchange Services (IFEX), with a further 701 lots, or $7,010,000 of (re)insurance limit, traded last week.
  • German financial services giant Allianz AG's pre-announced EUR10.8bn of 2007 operating profit, prompting analysts at Keefe, Bruyette & Woods (KBW), to revise their forecast for the firm from Underperform to Market Perform.
  • A long-running lawsuit filed by Massachusetts State over a fatal tunnel collapse and numerous leaks and design flaws in the massive Big Dig highway project has been settled.
  • The US state of Massachusetts has issued subpoenas to ailing financial guaranty insurers Ambac Financial Group and MBIA Inc seeking disclosure on their exposure to sub-prime investments.
  • Predicted sub-prime losses for insured management and professional lines have shot up to $9bn from an earlier $3bn as notifications and class action lawsuits continue to mount, according to Bear Stearns analyst David Small.
  • Troubled XL Capital was downgraded by both AM Best and Fitch Ratings late last week, with analysts warning the rating action could limit the (re)insurer’s competitive position, particularly in US casualty business.