February 2008/2

The London market has moved closer to eliminating paper from premium processing as the Market Reform Group (MRG) announced today (19 February).

Market veteran John Charman has signed a five-year deal that will see him continue to head up Bermuda-based AXIS Capital Holdings Limited, the company he founded.

Munich Re beat its increased profit projections for 2007 as it booked a consolidated result of EUR3.9bn for the year, up 11.9 percent on 2006.

AM Best has become the latest ratings agency to respond to American International Group’s (AIG) admission that it faces far greater losses from its exposure to the continuing credit crisis by placing the ratings of the firm under review...

A third senior Marsh Ltd executive, Toby Foster, is also to part company with the firm, The Insurance Insider has learnt.

Zurich Financial Services Group’s (ZFS) cost cutting plans helped push the company’s profit to a record $5.6bn last year with improvements made across all its business divisions.

Shareholders in Lloyd's (re)insurer Kiln Ltd have approved the cash acquisition of the firm by Tokio Marine & Nichido Fire Insurance Co Ltd at a special general meeting yesterday.

Senior Marsh Ltd executives Stephen Matanle and Julian Wallers are to part company with the broking giant, The Insurance Insider has learnt.

Lancashire Holdings Ltd has only traded for two years and, with its focus on specialty short-tail lines, couldn't be better timed. The lack of US natural catastrophes, energy or terrorism losses has enabled the "class of 2005" Bermudian start-up to post..

French reinsurer SCOR said 1/1 renewals confirmed the successful integration of last year’s acquisition Converium, with a high retention rate and access to new business.

The introduction of the Solvency II directive will drive an increased focus on run-off across Europe, according to a new survey launched by PricewaterhouseCoopers LLP (PwC) in conjunction with the Association of Run-Off Companies.

Veteran class action lawyer Bill Lerach, who represented Enron investors and other shareholders suing large corporations, has been sentenced to two years in jail for making improper payments to clients in a kickback scheme.