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  • Strong earnings but falling top-line figures were the dominant features of first quarter results from Bermuda’s public (re)insurers as pipeline profits from the end of the hard market were countered by growing signs of softening underwriting conditions.
  • In a further sign of dramatically changed supply conditions in the retro market, rates for Industry Loss Warranties (ILWs) have slumped 30 percent since 1 January 2007, according to Montpelier Re chairman and CEO Tony Taylor.
  • The (re)insurance industry is set for a surge in mergers and acquisition (M&A) activity as cash-rich companies look for scale and diversification in the face of a softening market and rating agency pressures.
  • It was protracted, and at times acrimonious, but Scor has finally agreed takeover terms with its Swiss rival Converium after increasing its offer.
  • Munich Re has bought UK intermediary Bell & Clements Group as it looks to increase its control over primary insurance business.
  • Brit Insurance confirmed the sale of a controlling stake in its electronic trading platform RI3K to a consortium including ICAP founder Michael Spencer, and hedge fund giant Eton Park LLP, as predicted by Insider Week last week.
  • Strong growth in the firm's Americas division propelled Aon Corp's first quarter 2007 earnings and helped offset a weak performance from the group's UK division.
  • Canadian combine Fairfax Financial Holdings received a ratings boost from AM Best following the reporting of its first quarter results last week.
  • Rating agency Standard & Poor’s (S&P) has upgraded the financial strength ratings of Arch Capital’s operating subsidiaries from A- to A with a stable outlook citing the group’s “strong” enterprise risk management (ERM) as one of the reasons.
  • Bermudian (re)insurer White Mountains Insurance Group reported an "OK" first quarter for 2007 with net income falling $4mn to $92mn.