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  • Highly leveraged insurance brokers and service providers are subject to high credit risk and may face downgrades, rating agency Moody’s Investor Services warned last week.
  • The UK’s largest privately-owned insurance group, Towergate Partnership (Towergate) announced a 31 percent increase in gross written premium despite softening market conditions.
  • Marsh & McLennan Companies Inc (MMC) reported slow second quarter revenue growth in its broking division as new business wins were offset by the softening commercial (re)insurance market.
  • Bermudian Arch Capital Group has struck back at Gen Re in the latest round of the legal dispute over the departure of four Gen Re executives to Arch in April.
  • Lloyd’s investment vehicle Hampden Underwriting plc (HUP) is planning an August float on the London Stock Exchange’s Alternative Investment Market (AIM) in a bid to raise £15mn.
  • UK Bank HBOS plc has appointed the Aon UK chief operating officer Philip Gore-Randall to join the firm as part of a wider restructuring of its management.
  • Berkley Insurance Co, a subsidiary of US (re)insurer WR Berkley, is opening an Australian operation to write casualty facultative and treaty reinsurance.
  • Reinsurance broker Guy Carpenter has appointed Rupert Bedford as head of broking for the UK operations of GCFac, the firm's dedicated facultative reinsurance unit
  • Broking giant Marsh is set to resume taking fees from insurers for some of the services it provides customers.
  • German (re)insurance group, Allianz has raised its estimate for the UK’s summer floods by EUR135mn to EUR158mn in total for June and July.