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February 2008/2

  • A US jury has returned a verdict of guilty on all counts in the trial of Gen Re and American International Group (AIG) executives over a sham finite reinsurance contract between the two companies.
  • Lloyd's insurer Beazley delivered record profits and strong top line growth for 2007, as it more than doubled business written in its US operation and benefitted from the benign underwriting environment.
  • 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.
  • Aon Corp has bought Chicago neighbour AJ Gallagher & Co's (AJG) reinsurance arm Gallagher Re - in a move first predicted by The Insurance Insider.
  • Willis has confirmed that it is not being investigated by the City of London Police over allegations of wrongdoing relating to Indonesian energy business.
  • Canadian conglomerate Fairfax Financial Holdings reported record 2007 results fuelled by investment income of $1bn driven by credit default swaps (CDS) tied to US financial groups and bond insurers.
  • City police are again investigating allegations of overseas corruption in connection with London market insurance brokers.
  • German financial services giant Allianz AG’s 2007 financial year results hit a historical high, with net income increasing 13.5 percent to EUR8bn accompanied by a proposed 45 percent dividend hike to EUR5.50 per share.
  • Bermudian reinsurer Montpelier Re Holdings Ltd announced increased 2007 profits despite the expense of rolling out new platforms.
  • Republican Ron Reagan is set to introduce a bill tomorrow in Florida’s House of Representatives supporting proposals to scale back the state’s hurricane fund, potentially handing $3bn of limits back to the private reinsurance market.
  • The London market has moved closer to eliminating paper from premium processing as the Market Reform Group (MRG) announced today (19 February).