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Allied World Assurance Co. Holdings and Validus Holdings continue the back-and-forth fight to acquire Transatlantic Holdings.

Two rating agencies say the unsolicited bid by Validus Holdings Ltd. to acquire Transatlantic Reinsurance Co. does not affect Validus’ rating.

WRM America Holdings LLC, a specialty-lines property and casualty insurance and risk-management holding company, has reached a definitive agreement to acquire Fidelity National Financial’s flood and excess flood business—Fidelity National Indemnity Insurance Co. (FNII)—for $210 million.

Validus Holdings has swooped in on Allied World Assurance to make a $3.5 billion bid to buy Transatlantic Holdings.

Transatlantic Holdings Inc. says it expects second-quarter catastrophe losses of approximately $35 million, net of tax.

As I was finishing a feature about merger-and-acquisition activity in the insurance industry last month, a Bloomberg news item caught my eye.

In mid-June Allied World Assurance Co. Holdings AG and Transatlantic Holdings Inc. announced a $3.2 billion merger deal, creating a global specialty insurer and reinsurer operating in 18 countries and on six continents.

Property and casualty excess capital remains robust, although it has declined since July 2010, an analysis shows, while a separate analysis strictly on reinsurers shows a 6 percent decline in capital for the 2011 first quarter as companies contend with, among other issues, insured catastrophe losses.