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  • Despite assurances by senior management that XL Capital would fight to hold on to its ratings, Standard & Poor’s (S&P) dealt the company a blow late Monday (28 November) with the news that it was downgrading the (re)insurer by a notch.
  • Underwriting discipline in the turning market took top priority as US reinsurance industry leaders and Standard & Poor’s (S&P) analysts gathered in New York last week for the rating agencies annual insurance conference.
  • The Argenta syndicate at Lloyd's led the catastrophe reinsurance programme for a small New Zealand insurer that has collapsed under the weight of claims from the Christchurch earthquake.
  • Lloyd’s revealed last week that its 2005 global capacity is likely to shrink a higher than expected 9 percent to £13.7bn in response to falling rates.
  • The dispute between Randall & Quilter (R&Q) affiliate Cavell USA and private equity owned run-off insurers Seaton Insurance Co and Stonewall Insurance Co is set for an airing in the English courts this autumn.
  • The fronting insurer of Spanish football club Atletico Madrid failed in its attempts to overturn a decision in the UK Courts which allowed London market contingency underwriters to void coverage relating to the side’s relegation in 2000.
  • Ratings agency Moody's Investors Service has affirmed the A3 insurance financial strength (IFS) ratings of Flagstone Reinsurance Ltd and its Flagstone Reassurance Suisse SA following the firm’s move to centralise its operating platform in Switzerland.
  • Lloyd's insurer Atrium Underwriting plc announced pre-tax profits of £10mn for last year, 68 percent down on 2004's record return of £31.6mn. The company suffered from £26mn in net losses from last year's hurricanes, which also added 22 points to its..
  • Acquisitive broker AJ Gallagher has acquired two employee benefit brokers - Calgary-based BenefitLink Resource Group and Illinois firm Human Resource Management Systems (HRMS).
  • US insurance giant Liberty Mutual has completed a deal to rescue parts of Irish insurer Quinn Insurance Company Ltd (QIL), which was put into administration in March 2010.