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February 2008/3

  • PARIS RE Holdings Ltd said today it had successfully migrated its portfolio of business from AXA RE onto its own paper at 1/1 renewal.
  • US insurer WR Berkley Corp reported record net income of $744mn for 2007 despite seeing profits dip 7 percent in the final quarter.
  • Investment banks are the architects of their own downfall through the collapse in the US sub-prime mortgage market, according to Warren Buffett.
  • Aon Corp unveiled a major restructuring last week which saw the launch of a new global insurance business led by two of the firm's frontline generals, Steve McGill, the head of the firm's Americas division, and Ted Devine...
  • The jury in the trial of five former senior US industry executives charged with transacting an allegedly sham finite reinsurance contract between the two firms is due to retire shortly.
  • Broking giant Willis Group disappointed analysts after recording weak organic growth despite strong earnings in the fourth quarter.
  • Omega Insurance Holdings Ltd became the latest Lloyd's insurer mentioned as a possible M&A target after confirming last week that it is in talks with a "number of parties" over a potential takeover.
  • The eagerly awaited 2007 electronic claims file (ECF) figures at the end of last month revealed that the Lloyd's market had missed the 100 percent year-end target for take-up despite a significant improvement in December.
  • Sub-prime related writedowns in the financial services sector have surged in the last month, so far wiping a total of $257bn from the balance sheets of companies worldwide, according to the latest figures from information provider Advisen.
  • Lloyd's (re)insurer Liberty Syndicates has announced a reshuffle of its underwriting and risk management units in order to "give greater clarity to the business" and to ensure it is "well positioned to meet changing market needs", according to the firm.
  • UK regulator the Financial Services Authority (FSA) has published its 2008/9 business plan, with a focus on "heightened supervisory oversight" in areas such as firms' liquidity, adequacy of stress testing and "general operational preparedness for unexpect
  • Veteran Bermudian reinsurer RenaissanceRe is to launch its first cat bond to provide US all natural perils cover.