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  • Although the power outage that affected much of New York, the Eastern United States and Canada will inevitably result in losses to the insurance industry, they are unlikely to be catastrophic.
  • London’s company market insurers have expanded their underwriting exposures in the wake of the improved rating environment, according to figures released from the representative body, the International Underwriting Association.
  • Berkshire Hathaway, the holding company run by billionaire investment guru Warren Buffett, announced last Friday that profits had more than doubled in the second quarter of 2003.
  • South African insurance broker Alexander Forbes has launched a joint venture with PDS Holdings which plans to become Africa’s largest reinsurance broker, the firm announced last week.
  • Bermudian reinsurer PXRE announced quarter to quarter growth of 13 percent last Wednesday, as net income rose from $19.0mn for the second quarter 2002 to $21.5mn this time round.
  • North American broker group Hub International Ltd has withdrawn from a proposed acquisition of the Near North National Group – the second time in under a year that take-over talks have collapsed at the 11th hour.
  • Three Financial Institutions brokers from Aon have resigned to take up posts at rival broker Willis.
  • Lloyd’s insurer Chaucer Holding Plc received a boost last week after revealing that Lloyd’s has approved the proposed merger of Syndicates 587 and 1096 into Syndicate 1084, creating a combine with an anticipated 2004 capacity of £400mn.
  • US insurer St Paul is defending fresh asbestos related litigation as plaintiffs argue the company was negligent for failing to warn of the dangers.
  • Reinsurance giant Swiss Re is to buy a proportion of the UK life insurance business of its compatriot Zurich Financial Services (ZFS) in a deal worth a total of $460mn. The move follows Zurich Life’s decision to stop taking on new business from 27 August.