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  • Fairfax Financial Holdings controlled US reinsurer Odyssey Re has reached an out-of-court settlement in its litigation with Gulf Insurance Company, it announced last week.
  • The 1 October UK solicitors’ professional indemnity (PI) renewals are set to see further rate reductions due to a 17 percent increase in capacity over last year to £350mn, according to broker Marsh.
  • Ascot Underwriting Ltd’s Lloyd’s Syndicate 1414 has been downgraded by AM Best after the unconditional guarantee of its liabilities by major capital provider American International Group (AIG) was cancelled.
  • The leap in gross written premium at French reinsurer SCOR Group following its acquisition of life reinsurer Revios drove a 77 percent increase in net income to EUR181mn during the first half of 2007.
  • London-based reinsurance broker Cooper Gay Group has bought the reinsurance and terrorism broking teams of CRS Group (London) plc.
  • Beaufort Underwriting Agency is the latest in a line of Lloyd’s insurers to consider hoisting a “for sale” board, confirming the optimism for continued mergers and acquisitions (M&A) activity in the Society.
  • Oxygen Holdings plc, the independent London-based intermediary, has acquired Lloyd's broker Robertson Taylor.
  • Amlin plc is now expected to deliver consensus-beating results and its interims this morning proved no exception as the Lloyd’s insurer posted a 54 percent leap in first half pre-tax profits to £154mn.
  • Recently-listed European reinsurer Paris Re suffered a drop in profits after exposure to 2007’s catastrophes negatively impacted its bottom line.
  • The leap in gross written premiums at French reinsurer SCOR Group following its acquisition of life reinsurer Revios has driven a 77 percent increase in net income to EUR181mn during the first half of 2007.