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  • Wheeler leaves SVB Mark Wheeler, the underwriter of SVB’s liability Syndicate 1007, has left the Lloyd’s insurer.
  • ZFS posts encouraging 1Qs Zurich Financial Services Group continued along its path of rehabilitation last week when posting first quarter net income of $114mn, against a comparable $6mn profit last year.
  • Lloyd’s (re)insurer Chaucer has written to Names increasing the offer for unaligned 2004 capacity on its proposed merged Syndicate 1084 from 7.5p to 11p per £1.
  • Bermudian giant XL Capital announced last Tuesday (6 January) that it has ploughed $100mn additional capital into its financial guaranty arm to fund business growth.
  • The share price of Lloyd’s insurer Wellington Underwriting is undervalued by at least 20 percent because it fails to take account of the imminent Aspen IPO, claims London stockbrokers Altium Capital.
  • 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.
  • North American broker group Hub International Ltd has withdrawn from a proposed acquisition of the Near North National Group - the second time in under a year that take-over talks have collapsed at the 11th hour.
  • JLT has won a Middle East energy contract in the teeth of competition from heavyweight broker rivals Aon, Willis and Marsh.
  • 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.
  • North American broker group Hub International Ltd has withdrawn from a proposed acquisition of the Near North National Group – the second time in under a year that take-over talks have collapsed at the 11th hour.