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  • 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  • North American broker group Hub International Ltd has withdrawn from a proposed acquisition of the Near North National Group – the second time in under a year that take-over talks have collapsed at the 11th hour.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.
  • Rating agency Standard & Poor’s last week revised its outlook to negative on Aon after the broker’s latest interims showed the firm’s margins continue to lag behind its peers.
  • The Chinese authorities are targeting illegal operations of foreign insurers, according to the official Xinhua News Agency.
  • Pension deficit deteriorates; film finance exposures could cost £200mn+ HLF Group plc was hit by a further wave of resignations last week as its 12 strong International Facilities and Binders team handed in their notices.
  • Lloyd’s franchise performance director Rolf Tolle wrote to Lloyd’s insurers last week explaining he will use his discretion in implementing the franchise performance guidelines.