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April 2008/3

  • (Re)insurance broker Cooper Gay & Co Ltd is in advanced talks to acquire the wholesale operations of Heath Lambert Group, The Insurance Insider can reveal.
  • Munich Re warned its first quarter 2008 profits are likely to be down on last year's, following "major losses" in the first three months of the year.
  • Lloyd's insurer Omega Insurance Holdings Ltd announced last week that it had terminated talks with potential suitors interested in acquiring the company.
  • The European Commission has launched a public consultation on whether the (re)insurance industry should remain exempt from the European Union's anti-trust rules.
  • Insurance Australia Group's (IAG) share price rocketed last week as the Australian insurer rebuffed a series of merger approaches from rival QBE Insurance with shareholders speculating that the firm is a prime candidate for takeover.
  • Analysts and investors will scour XL Capital's first quarter financials tomorrow for further guidance on the Bermudian's exposure to the sub-prime fallout, as well as the potential impact from the spate of large risk losses hitting the sector in the perio
  • Credit crunch-hit Royal Bank of Scotland (RBS) could sell insurance subsidiaries Direct Line and Churchill to raise up to £5bn, according to industry commentators.
  • Bermudian (re)insurer Ironshore Insurance Ltd's fledgling subsidiaries Ironshore Indemnity Inc (III) and Ironshore Specialty Insurance Company (ISIC) have been assigned A- financial strength ratings and issuer credit ratings of a- by AM Best.
  • Profits for the US property & casualty industry fell by almost $5bn to $66.5bn last year compared to the prior year period, according to rating agency AM Best.
  • On the 18 April anniversary of the 1906 San Francisco "big one", a magnitude 5.4 earthquake shook southern Illinois last week issuing a warning to (re)insurers, some of whom are already reducing quake coverage.
  • There is almost a 100 percent chance of a major earthquake in California within the next 30 years according to the latest findings from the US Geological Survey (USGS).
  • Bermudian (re)insurers wrote $115.8bn in gross premiums in 2007 up from $100.7bn in 2006 despite falling rates, according to The Bermuda Monetary Authority (BMA).
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