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  • Reinsurance brokers RK Carvill look set to lose a prime $30mn brokerage account after their clients XL Capital put the contract out to tender to three rival firms.
  • Embattled Bermudian captive and fronting manager Mutual Risk Management Ltd has ratified its scheme of arrangement with creditors.
  • Last week saw increased speculation that slimmed down UK general insurer Royal & Sun Alliance (R&SA) is hawking its US property and casualty business to potential buyers.
  • Bermudian (re)insurer Everest Re reported a striking increase in net income last Tuesday, the second quarter up 105.1 percent to $109.6mn from $53.4mn last year.
  • Lloyd’s insurer Cathedral Underwriting Ltd has signed an agreement with CATEX, the technology and software company.
  • 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.