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  • French giant AXA announced late Thursday (5 January) it has agreed a deal to sell the US operations of its recent acquisition Winterthur to QBE Insurance Group for total consideration of $1.8bn.
  • Lloyd’s (re)insurers have been warned against diversification for “diversification’s sake” at the expense of their core businesses, by Tony Markel, president and chief operating officer of Markel Corporation.
  • The new Bermudian reinsurer Aeolus Ltd has doubled its capital to more than $1bn following a second fund raising. The reinsurer – which was formed in July 2006 by the former Arch Capital chief executive Arch Capital and the ex RenaissanceRe President..
  • French giant AXA today (4 January) announced it has agreed a deal to sell the US operations of its recent acquisition Winterthur to QBE Insurance Group for total consideration of $1.8bn.
  • The exit of former Wellington Underwriting staff following the company’s £600mn takeover by Catlin Group has continued with the departure of its two senior aviation underwriters.
  • Castlewood Holdings Ltd, the Bermuda headquartered run-off acquisition and consultancy firm, has bought Inter-Ocean Holdings Ltd for $57mn.
  • UK motor insurer Admiral has extended its long-term reinsurance agreement with Munich Re subsidiary Great Lakes Reinsurance.
  • After last year’s record catastrophe insured losses of more than $100bn, the benign conditions of 2005 look like costing the (re)insurance industry just $15bn in losses from natural and man-made catastrophes, according to preliminary figures from Swiss Re
  • US commercial insurers are on course for their best financial performance in nearly 20 years, according to figures from the ISO and Property Casualty Insurers Association of America (PCI) covering the first nine months of 2006.
  • “Two large claims” incurred in January 2005 led to AM Best double downgrading Primary Group’s Irish insurance subsidiary Primary Insurance Company Ltd (PICL) before the Christmas break.