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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.
  • 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.
  • Ralph Jones, the newly recruited president and chief executive of Arch Insurance Group, is set to be reunited with former Chubb colleague Bob Van Gieson later this year.
  • Wheeler leaves SVB Mark Wheeler, the underwriter of SVB’s liability Syndicate 1007, has left the Lloyd’s insurer.
  • US insurer St Paul disappointed investors last Wednesday (30 July) with earnings below a revised analysts’ consensus, and considerably down on previous projections.
  • Bermudian reinsurer Max Re unveiled second quarter earnings of $30.8mn, against a net loss of $5mn for the three months ended 30 June 2002, today (4 August).
  • Lloyd’s managing agency Abacus is set to launch a new professional indemnity (PI) syndicate with former PRI underwriter Andy Dore at the helm, Insider Week can reveal. Dore left PRI in mid June after the liability start-up was taken over by Brit.
  • Converium, the reinsurer spun-out of ZFS in 2001, reported strong growth last week, on the back of its decision to focus energies on Continental Europe.
  • CIGNA’s disastrous reinsurance product VADBEs – which provided reinsurance protection to insurers writing variable annuity death benefits during the late nineties – continues to haunt the insurer.