April 2007/2
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It was protracted, and at times acrimonious, but Scor has finally agreed takeover terms with its Swiss rival Converium after increasing its offer.
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Munich Re has bought UK intermediary Bell & Clements Group as it looks to increase its control over primary insurance business.
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Munich Re has announced a widely anticipated expansion of its capital management programme, with plans to buy back more than EUR5bn shares by 2010 as it targets average rises in earnings per share of 10 percent through the period.
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Strong growth in the firm’s Americas division propelled Aon Corp’s first quarter 2007 earnings and helped offset a weak performance from the group’s UK division.
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Brit Insurance has confirmed the sale of a controlling stake in electronic trading platform RI3K to a consortium including ICAP founder Michael Spencer, and hedge fund giant Eton Park LLP, as first revealed by The Insurance Insider earlier this week.
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Rating agency Standard & Poor’s (S&P) has upgraded the financial strength ratings of Arch Capital’s operating subsidiaries from A- to A with a stable outlook.
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A consortium including ICAP founder Michael Spencer and hedge fund giant Eton Park Capital Management LLC is set to take a controlling interest in electronic trading platform RI3K, The Insurance Insider can reveal.
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It was at least a year in development, but Paris-based IXIS Corporate and Investment Bank has finally launched its new Bermudian reinsurer and its insurance linked securities fund with some $600mn of capital.
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Bermudian reinsurer Aspen Insurance Holdings Limited has returned to the capital markets with two securitisation deals that will provide it with over $1bn in hurricane and earthquake cover.
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It could prove to be a tough year for brokers but Willis Group Holdings Ltd showed yesterday evening that it was still able to grow revenues and profits despite falling rates.
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US-based brokers Arthur J Gallagher & Co (AJG) and Hilb Rogal & Hobbs (HRH) disappointed analysts with first quarter profits down on expectations as the top line suffered from the impact of declining insurance rates.
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Bermudian giants ACE Ltd and XL Capital reported analyst-beating first quarter profits, but the companies’ performance has met with a mixed response from analysts.
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