February 2008/2

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.

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.

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.

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.

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

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.

(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.

Omega Insurance Holdings Ltd Lloyd’s Syndicate 958 has withstood the impact of hurricanes Katrina Wilma and Rita to post a profit for 2005, maintaining its pedigree of a pure underwriting profit in every year it has traded since its launch in 1980.

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.

Swiss Re has reported 2007 net income down 9 percent to SFr4.2bn, as its fourth quarter figures were decimated by a previously announced SFr1.2bn writedown of credit default swaps (CDS) in November.

The appointment of Peter Zaffino as CEO of Guy Carpenter and Britt Newhouse as chairman does not signify “internal problems” at the reinsurance broker, according to one analyst.

Amlin's standing as a leader amongst the quoted Lloyd’s insurers was reinforced today with "record" results that included a 30 percent leap in pre-tax profits to £445mn and a lowly 63 percent combined ratio.

US lawyers have brought a class action lawsuit against Swiss Re in connection with last November’s SFr1.2bn writedown of two credit default swap (CDS) contracts.

Guy Carpenter has suddenly replaced its chief executive David Spiller with Peter Zaffino, the firm's head of US treaty operations, The Insurance Insider can reveal.

RSA has sold Guildhall Insurance Company to Enstar Group in a move that continues the group's disposal of its legacy business.

As broadly healthy earnings continue to be set against the threat of the softening market, AM Best has affirmed its stable outlook on the reinsurance sector, with a minority of upgrades and downgrades expected to balance out around a majority of...

UK general insurer Royal & Sun Alliance (RSA) bounced back to a profit of £638mn for 2007 despite taking a hit from last summer’s UK floods.

Directors’ and officers’ (D&O) rates for financial institutions have surged as the impact of the sub-prime crisis takes grip, according to new research.

US broker Hilb Rogal & Hobbs’ (HRH) acquisition of London market broker Glencairn hit its 2007 earnings by $0.11 per share it revealed yesterday (25 February).

Swiss reinsurer Glacier Re continued to grow in 2007 with an increase in premiums and the launch of its first securitisation.