February 2007/5

Converium has laid out a “road map” to generate a sustainable return on equity (ROE) of 14 percent by 2009 as it continues to fend off advances from rival SCOR.

Converium has reiterated its rejection of advances from SCOR after the French reinsurer stepped up its takeover approach by pre-announcing a public tender offer for the remaining shares in its Swiss rival which it says it will make within six weeks.

The acquisition of Hub International for $1.7bn ($1.8bn including debt) is further proof of investors' growing interest in the broking sector – and the rising multiples being charged by sellers.

Bermudian (re)insurer XL Capital has announced a new share repurchase programme authorising it to buy-back up to $1bn of its Class A ordinary shares from investors.

Struggling Bermudian life reinsurer Scottish Re Group said it was "disappointed" with its fourth quarter after unveiling a $233.8mn net loss.

QBE Insurance Group pointed to its recent foray of international acquisitions as deliverers of future growth, while joining the ranks of underwriters unveiling record 2006 results.

2006 was a gold standard year for Bermudian reinsurer Platinum Underwriters Holdings as it joined its rivals in rebounding from the heavy losses of the previous year.

IPC Re's chief executive Jim Bryce has warned that the industry is now at a pricing crossroads and encouraged reinsurers to consider returning funds to shareholders to avoid excess capital chasing down rates.

Stephen Way has formally completed his departure from HCC Insurance Holdings, the company he founded in 1974, at the same time as the firm announced a 79 percent leap in profits last year.

The worst of the asbestos related difficulties faced by (re)insurers may now be in the past, according to a report by ratings agency Standard & Poor's (S&P).

It is imperative that the insurance industry not only understands risk, but thinks of it as an opportunity, according to Aon president and CEO Greg Case.

Expanding US broker Hilb Rogal & Hobbs has seen Bear Stearns upgrade its forecast earnings on the back of its accelerating acquisition strategy.