February 2008/4

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.

Ron Sandler, the chairman of Bermudian insurer Ironshore Ltd and the former CEO of Lloyd's, has taken the helm at newly nationalised UK bank, Northern Rock.

The acquisition of Lloyd's insurer Talbot has boosted Bermudian Validus' full year 2007 net income by around 120 percent year-on-year.

Bermudian financial guaranty and credit (re)insurance specialist Assured Guaranty Ltd (AGL) fell to a loss of $260.1mn in the fourth quarter of last year after taking a $297.5mn sub-prime derivative hit.

Royal Bank of Scotland Insurance (RBSI) has culled 100 middle managers as part of its ongoing restructuring that aims to align its disparate brands and prevent them undercutting each other.

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.

Profits at Arab Insurance Group (Arig) were down last year after the company took a $9.2mn hit from Cyclone Gonu.

Investment losses have pushed net income at CNA Financial Corporation from $1.1bn in 2006 to $851mn last year as a result of credit market conditions and sub-prime exposure.

Excess capital is limiting growth opportunities in the reinsurance sector according to Jim Bryce, president and CEO of Bermudian reinsurer IPC Holdings.