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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).
  • US insurer CV Starr & Co has announced a tie-up with Allied World Assurance Company (AWAC) enabling it to offer management liability lines on behalf of the Bermudian firm.
  • 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.
  • Profits at Arab Insurance Group (Arig) were down last year after the company took a $9.2mn hit from Cyclone Gonu.
  • 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.