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  • With the number of options to execute a merger deal rapidly dwindling, Transatlantic has given strong signals that it could go it alone - at least until the current M&A environment has improved.
  • Xchanging has agreed a major outsourcing deal with Cooper Gay, first revealed by The Insurance Insider, which will see 66 of the broker's legacy and ongoing business process staff transfer to the firm.
  • The dormant Reinsurance Australia Corporation, ReAC, is set to rebrand and begin underwriting – five years after it was brought to its knees by the low rates and high casualty losses of the late nineties.
  • Market information and analysis firm Advisen Ltd has teamed up with XML messaging specialist Web Connectivity Ltd in a combined offering it says will increase transparency and efficiency in the London market.
  • Lloyd’s insurer Wellington Underwriting plc revealed that further expansion is key to its strategic development when it announced its interim results this morning (31 August).
  • Bermudian (re)insurer Validus Holdings reported a first quarter net loss of $118mn, contrasting with income of $94.9mn in Q1 2009, after sustaining a $306.9mn hit from the damaging natural catastrophes that punctuated the quarter - the Chilean earthquake, Windstorm Xynthia and Australian hailstorms.
  • UK regulator the Financial Services Authority (FSA) has upped its budget by almost 10 percent to £454.7mn for the next financial year.
  • Swiss Re and six Lloyd's syndicates have been named as defendants in a US lawsuit over alleged non-payment of claims, in which diamond wholesaler Lazare Kaplan (LKI) is seeking $640mn in damages.
  • Max Capital Group became the latest Bermudian (re)insurer to acquire a Lloyd's platform last week after buying Imagine Group (UK) Ltd.
  • The US House Financial Services Committee has approved a bill to set up a federal government office monitoring the insurance industry for the first time.