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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.
  • 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 last week.
  • 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
  • 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.
  • ESR Insurance Services Ltd - the Lloyd's broker hit by allegations of fraud in its surety bond division - has gone into administration.
  • 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.
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