December 2007/1

Reinsurers have been ordered to settle a $57mn disputed all risks reinsurance claim with global mining giant Anglo American’s captive insurance company Coromin.

Powerful consolidators are forcing insurers to "fundamentally re-examine their operating models" as they tighten their grip on the commercial SME market, according to the latest research.

Catlin Group Ltd's financial strength and counterparty credit ratings remain unchanged, despite the (re)insurer announcing that it expects to take a $75mn charge against the value of sub-prime-related securities in its investment portfolio.

Ping An Insurance, China's second largest life insurer, bought 4.18 percent of Benelux financial services group Fortis, at a cost of EUR1.81bn, last week.

Marsh & McLennan Companies (MMC) should spin-off its Kroll consulting unit as well as the group's Mercer human resources business, according to a Canadian investment firm.

UK broking consolidator, Towergate Partnership agreed a £95mn cash offer for Yorkshire-based Broker Network Group last week.

As the wide spread of the global credit crisis becomes clearer, more insurers are investigating protection against reinsurer default, according to reinsurance broker RK Carvill.

US insurer Genworth Financial, Inc has become the latest firm to repurchase shares after announcing a $1bn buyback programme last week.

Specialist broker THB Group plc has entered into talks with PWS Holdings over the acquisition of PWS' Lloyd’s broking business and overseas interests.

Takeover speculation again gripped reinsurance broker Benfield Group last week as an insurance analyst linked Aon Corp with a possible move for the UK quoted firm.

US hedge funds Steel Partners II and Carlson Capital are behind a new £75mn composite syndicate at Lloyd's.

Montpelier Re has continued to build its US operations with the launch of a new direct property facultative division to write business on behalf of its Lloyd's Syndicate 5151.