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  • Bermudian (re)insurer XL Capital dismissed rumours of significant sub-prime related losses in its financial and professional lines portfolio last month, stating that the crisis provided "an attractive opportunity" for the class.
  • The aviation sector's broker merry-go-round continues as Steve Doyle, manager of Aon's Aviation and Aerospace Global Practice Group, has resigned his post and is heading to rival Willis Group Holdings.
  • The imminent renewal of the flagship Lufthansa account looks set to underline the soft conditions in the airline market with underwriters apparently set to accept greater exposures for effectively a similar rate as last year.
  • Marsh & McLennan Companies, Inc (MMC) roundly disappointed analysts and investors with a slump in third quarter profits from continuing operations to $80mn compared to $130mn in the prior-year period.
  • The first steps may have been tentative. But, in the past two months, London market and European insurers have been confronted by a quick fire succession of demands for additional commissions from brokers.
  • Our monthly column keeping a check on US and EU legal and regulatory developments, in association with Sidley Austin LLP
  • London market reinsurers led by Allianz have had their appeal dismissed against the striking out of significant parts of their defence in the controversial EUR44.3mn dispute with the North Korean national insurer.
  • Bank of Ireland Life has securitised EUR400mn of value-in-force (VIF) life insurance policies in the first rated European VIF transaction for almost three years.
  • It was a familiar tale as Bermuda's (re)insurance community booked third quarter figures that set strong profits from two years of benign underwriting conditions against a backdrop of falling rates and a less positive outlook for the sector.
  • A new wave of fear gripped Wall Street this week, symbolised by the sub-prime related exposures of the monoline credit insurers to a new credit crisis, dubbed "Version 2.0" by industry insiders.