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  • Munich Re executives met with some of London’s leading insurance analysts last week as the reinsurer sought to reassure the City in the light of its shock downgrade by rating agency Standard & Poor’s.
  • JLT has won a Middle East energy contract in the teeth of competition from heavyweight broker rivals Aon, Willis and Marsh.
  • North American broker group Hub International Ltd has withdrawn from a proposed acquisition of the Near North National Group - the second time in under a year that take-over talks have collapsed at the 11th hour.
  • US insurer St Paul announced last Friday the second quarter earnings impact of a previously disclosed surety exposure. The charge will amount to $86mn pretax and $56mn after tax, equivalent to $0.23 per diluted share.
  • At last week’s Bermuda Angle conference, XL Capital announced it expects to earn between $9.05-9.25 per share for 2004, slightly down on consensus estimates of $9.28.
  • North American broker group Hub International Ltd has withdrawn from a proposed acquisition of the Near North National Group – the second time in under a year that take-over talks have collapsed at the 11th hour.
  • White Mountains is reportedly preparing to scale up its presence in Bermuda, with plans to shift as many as four of its subsidiaries to the island.
  • Despite continuing optimism that the North American power blackout on 14 August will not lead to major industry exposures, losses are still likely to breach the technical threshold of $25mn for a catastrophe.
  • The world's largest reinsurer Munich Re replaces head; Allianz separately confirms replacement for Schulte-Noelle Hans-Juergen Schinzler, the 62 yr old chairman of Munich Re's board of management, announced last month that he will step down at the end
  • After two weeks of heightened rumours, Insider Week understands that Marsh representatives had contact with HLF over a potential take-over bid.