February 2008/2

UK insurer Brit Insurance Holdings has posted £62.5mn of net reserves for sub-prime related liability claims, it revealed in its 2007 results this morning that saw pre-tax profits and return on equity beat the previous year's figures.

The proposed abolition of Lloyd's broker status to allow the market to accept business from a wider pool of intermediaries is just one suggested amendment to the legislation governing the Society.

Stephen Matanle, the long-standing Marsh executive who left the firm last month as part of a widespread restructuring, has joined Libero Ventures Ltd, the new Lehman Brothers subsidiary.

Bermudian-headquartered run-off company Alea Group Holdings’ outstanding liabilities now stand at around $1.5bn after a series of major commutations, the company announced in its 2007 results.

Bermuda-headquartered (re)insurer Catlin Group Ltd reported an 8 percent increase in combined earnings to $462mn for 2007, on the back of the successful integration of acquired London (re)insurer Wellington Underwriting and growth in its US and internatio

Shares in quoted broker Jardine Lloyd Thompson Group plc (JLT) were trading up this morning after the company reported a 5 percent increase in pre-tax 2007 profits to £95.2mn, and turnover up 3 percent to £473.2mn.

French insurance giant AXA has bought yet another UK broker after agreeing terms to acquire SBJ Group.

Lloyd’s has approved Syndicate 2008 to write reinsurance to close (RITC) business, with the Shelbourne Syndicate Services Ltd (SSSL) managed vehicle already closing four open year syndicates with gross insurance reserves of around $455mn.

Bermuda-headquartered Lloyd's (re)insurer Hiscox Ltd has been propelled to a record full-year profit before tax of £237.2mn, up 18 percent, by the stellar performance of its Global Markets division.

Insurance giant American International Group (AIG) slumped to a fourth quarter net loss of $5.29bn after taking a staggering $11.12bn pre-tax mark-to-market loss on the super senior credit default swap (CDS) book of its financial products division AIGFP.

Shares in American International Group (AIG) slid by more than 7 percent in early trading after the insurer announced the biggest quarterly loss in its history driven by a $11.12bn pre-tax writedown in its financial products division, AIGFP.

(Re)insurance broker Willis Group Holdings has extended the contract of its chairman and CEO, Joe Plumeri, until 2011 as well as making a number of changes to its senior management.