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February 2008/4

  • The acquisition of Caribbean property insurer Island Heritage boosted the premium income of "Class of 2005" reinsurer Flagstone Re, which rose 91 percent last year, it revealed in its 2007 results yesterday (18 February).
  • Lloyd's has confirmed it is in the process of making a formal application to become an admitted reinsurer in Brazil, a move first revealed by The Insurance Insider, following the country's plans to scrap its collateral requirements for higher rated reinsu
  • US retail broker Brown & Brown, Inc has announced an increase in its 2007 revenues in its results last week.
  • The Dubai International Financial Centre (DIFC) has entered into a joint venture with the London Court of International Arbitration (LCIA) as the emirate aims to establish itself as an international arbitration jurisdiction.
  • Analysts reacted with cautious optimism as organic growth boosted Marsh and McLennan Companies Inc’s (MMC) 2007 revenues in its 2007 results, which were published last week.
  • Bermudian (re)insurer Max Capital Group Ltd has posted net income of $303.2mn, or $4.75 per fully diluted share, for the 2007 financial year - a 40 percent increase on 2006 boosted by strong growth in life and annuity premiums.
  • Negative goodwill arising out of the reverse merger of PXRE Group has boosted specialty (re)insurer Argo Group's 2007 results.
  • Excess capital is limiting growth opportunities in the reinsurance sector according to Jim Bryce, president and CEO of Bermudian reinsurer IPC Holdings.
  • Airline rates rose by 10 percent in January as the airline market showed tentative signs it may have finally turned away from further softening, according to a report by Aon Aviation.
  • Bond insurer FGIC Corp has told regulators it wants to break into two in a bid to save its credit rating, according to a New York Insurance Department spokesman.
  • With 60 percent of Florida catastrophe premiums going to Bermuda, the island’s property cat reinsurers could be in for a windfall if legislation is passed next month to cut the temporary increase in the state fund and give $3bn of limits back to the marke
  • The acquisition of Lloyd's insurer Talbot has boosted Bermudian Validus' full year 2007 net income by around 120 percent year-on-year.