February 2008/1

Geoff Bromley, the former chairman of Guy Carpenter's European and Asian operations, has joined Aon Corp after serving a long notice period following his resignation last year.

Zurich Financial Services is expanding in Norway and Denmark through two new branches of Zurich Insurance Ireland Ltd (ZIIL).

Aon Corp has hired the former Max Re chief executive Bob Cooney as managing director of its Capital Markets division, the unit which provides structured finance and capital markets products to the (re)insurance industry.

AXIS Capital's newly launched US admitted property and casualty (P&C) insurer has been rated A by Standard & Poor's (S&P).

Despite strong results, Axa SA has received a target price downgrade from Collins Stewart analyst Tim Young after concerns about continuing dollar weakness, asset market turmoil and the possible acquisition of Friends Provident.

Lloyd's has remained upbeat despite the market missing the 100 percent 2007 target for take-up on usage of electronic claims files (ECF) as it ended the year at 88 percent.

The biggest fraud in investment banking history, at French bank Société Générale, may still result in a loss for the bank's insurers, as employee shareholders filed a lawsuit against unnamed directors at the firm.

Ratings agency Standard & Poor's (S&P) has downgraded Bermudian life reinsurer Scottish Re Group after its investment portfolio continued to suffer from the sub-prime crisis.

Two recent decisions in the US Supreme Court will aid professional liability insurers defending themselves against claims and litigation stemming from the sub-prime mortgage crisis, according to Chubb Corp vice chairman John Dengan.

The sub-prime mortgage crisis has had little impact on availability, cost or policy conditions of directors' and officers' (D&O) and errors and omissions (E&O) policies, according to a survey of financial sector risk managers and CFOs.

Giant bond insurer MBIA Inc has seen its results decimated by the recent sub-prime debacle, posting a $1.9bn loss last year, down from an $819.3mn profit in 2006.

The arrival of Brian Duperreault at the helm of Marsh & McLennan Cos (MMC) has been welcomed by the investor community - and reduced the likelihood of an imminent takeover bid by Willis Group Holdings, according to analysts.