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  • Besieged Bermudian reinsurer PXRE Group Ltd revealed last Wednesday (10 May) that it has lost two-thirds of its business following its recent troubles.
  • Swiss reinsurer Converium has reported a successful 1 April non-life renewal season as the company continues on the road to recovery.
  • Shares in American International Group (AIG) fell 5 percent late last week as investors sold stakes following a 16 percent drop in first quarter net income to $3.2bn on Wednesday (10 May).
  • Lloyd’s broker Monument has been left in disarray following its chief executive’s decision to quit the company after a tenure of just two months – only weeks after five other senior managers walked out on the firm.
  • Validus Reinsurance Ltd has become the latest Bermudian reinsurer to launch a sidecar with Petrel Re, a $200mn capitalised vehicle specialising in the stretched marine and energy sector.
  • Lloyd's insurer Kiln appointed Andrew Hitchcox to the newly created post of chief actuary and risk officer.
  • US retail broker Arthur J Gallagher has acquired Florida consultancy form YS Liedman & Associates.
  • UK general insurer Royal & Sun Alliance (R&SA) announced last Thursday (11 May) first quarter pre-tax profits of £122mn, unchanged from the corresponding period of 2005.
  • German giant Munich Re has announced quarterly profits of EUR979mn on the 9 May, up 41.7 percent from the EUR691 in the prior-year period.
  • AM Best has given start-up Bermudian (re)insurer CastlePoint Reinsurance Company Ltd an A- financial strength rating. CastlePoint's parent company, CastlePoint Holdings Ltd, was launched last month with $265mn of private equity capital by the...