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  • Canadian broker Hub International Ltd has stepped in to purchase Near North National Group weeks after Near North’s management agreed the sale to private equity firm Frontenac.
  • Giant European reinsurer Swiss Re was today (28 July) downgraded by rating agency Standard & Poor’s (S&P), lowering its financial strength and long-term counterparty credit ratings from AA+ to AA. The outlook remains stable.
  • Last week’s first round of half year results from Bermudian post 9/11 start-ups signalled an even stronger performance than last quarter. However, there were signs that increased competition is starting to drive down rates in some specialty reinsurance li
  • Marsh, Willis and JLT continue to grow healthy brokerage revenues… Despite growing evidence that non-casualty pricing levels have plateaued, strong half-year results from Marsh, Willis and JLT show brokerage revenues continuing to grow.
  • Marsh has missed key deadlines in its acquisition talks with HLF Group Plc, leading to speculation that the world’s largest insurance broker may withdraw from the proposed £350mn takeover.
  • US giant insurer AIG has announced sturdy second quarter 2003 figures with profits up 26.4 percent to $2.28bn, against $1.80bn for the same period last year. The six monthly showing saw net income totalling $4.23bn, up from $3.78bn last year.
  • Ernst & Young, the big four accountant facing a £2.6bn claim from Equitable Life, has only limited professional indemnity protection from Swiss Re, one of the world’s largest reinsurance companies.
  • The rating agency Standard & Poor’s is primed to raise its BB+ financial strength rating on embattled German insurer Gerling on imminent news that it has raised equity funding of at least EUR75.5mn.
  • Sphere Drake’s 8 July victory in the UK High Court over exposures to workers’ compensation carve-out reinsurance has forced the Lloyd’s broker Stirling Cooke Brown Insurance Brokers Ltd into administration.
  • Axis Capital Holdings Ltd, the Bermudian (re)insurer formed by ex-Lloyd’s underwriter John Charman after 9/11, has announced the appointment of Dr. Karl Mayr as president and chief executive officer of its European reinsurance subsidiary, Axis Re.