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  • 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.
  • Embattled insurer Royal & Sun Alliance (R&SA) is to withdraw from writing offshore energy business Insider Week can reveal.
  • Claims management and outsourcing firm Xchanging unveiled a new way of dealing with claims last week when it opened its Claims Office of the Future on the sixth floor of the Lloyds building.
  • The expansive insurance group Brit announced this week that it has acquired renewal rights to the property insurance portfolio of Creechurch Underwriting, the small Lloyd’s insurer.
  • Ratings agency Standard & Poor’s has responded to criticism of its recent reinsurer downgrades, explaining that poor long-term profitability, and not just a lack of capital adequacy, was the catalyst for its actions.
  • German insurance companies are set to enjoy substantial tax breaks, the German finance ministry has confirmed.
  • US giant Hartford Financial Services Group said this week that it would miss analysts’ earnings forecasts because of higher than expected exposures to Hurricane Isabel and high litigation costs.
  • Connecticut based insurer WR Berkley filed last Friday to sell up to $750mn in debt securities, common and preferred stock and other securities.
  • Beleaguered Lloyd’s insurer GoshawK was dealt another blow last week as ratings agency Standard & Poor’s followed Moody’s and downgraded Syndicate 102 by another notch, questioning its ability to trade forward into 2004.
  • Embattled UK insurer Royal & Sun Alliance breathed a corporate sigh of relief this month after its £1bn rights issue went through with 92 percent of the 1.3bn new shares subscribed for by existing shareholders at 70p each. Although heavily discounted