February 2007/3

The internal probe launched by PWS Holdings over an alleged $1.6mn Costa Rican reinsurance fraud did not start until six months after the country’s authorities had begun investigating the case.

Kyrill may trigger Hannover Re's $150mn cat bond Eurus Ltd, which was placed on CreditWatch with negative implications by Standard & Poor's (S&P) on 8 February.

Strong growth at subsidiaries Guy Carpenter, Kroll and Mercer pushed Marsh & McLennan Companies Inc (MMC) to book fourth quarter 2006 revenue growth of 9 percent to $3.1bn, as it reported consolidated net income of $226mn for the period.

Although Benfield's share price has shown a moderate recovery in recent days, its 13 percent slump as news broke of Florida's legislative intervention brought into sharp relief the negative earnings impact...

Although Europe suffered its biggest windstorm since 1999 as Kyrill blew across it in January, the continent's largest reinsurers remained miles apart in counting its cost.

The first sign of the magnitude of last month’s Florida legislation for reinsurers emerged with Bermudian RenaissanceRe paring back growth targets for 2007 managed property cat reinsurance by 20 percent...

Up to 30 percent of property cat profitability 'eliminated'

Heath Lambert, the independent UK broker that came close to tying the knot with rival Jardine Lloyd Thompson Group plc last year, looks set to unveil a 2006 turnover of around £121mn...

Although Aon Corp's audacious swoop for rival Benfield's facultative team continues to generate acrimony between the two firms, the UK-headquartered reinsurance broker has begun the process of recruiting new talent.

Bank of America's debut Lloyd's syndicate, which specialises in writing long-tail lines, began operating in Lloyd's on 1 February.

Insurance broker Willis Group Holdings revealed it would be reducing its headcount by an extra 100 people as it reported annual profits had grown to $449mn last year, compared to $281mn in 2005.

The Bermudian (re)insurers that took such a battering in 2005 are celebrating record 2006 results as they cashed in on a benign catastrophe environment and soaring property catastrophe rates.