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February 2008/5

  • Diversification costs have failed to dampen Bermudian reinsurer Montpelier Re Holdings 2007 profits.
  • German financial services giant Allianz AG's 2007 financial year results hit a historical high, with net income increasing 13.5 percent to EUR8bn accompanied by a proposed 45 percent dividend hike to EUR5.50 per share.
  • John Charman, the renowned market veteran, has signed a five year deal to continue as head of Bermuda-based AXIS Capital Holdings Ltd, the company he founded.
  • Joseph Brown has been re-appointed as chairman and CEO at beleagured monoline bond insurer MBIA Corp.
  • Benfield Group must downsize in order to survive as the development of the insurance linked securities market reduces the traditional role of reinsurance intermediaries, according to Panmure Gordon & Co analyst Barrie Cornes.
  • The elusive value of acquisitive intermediary Towergate Partnership could be starting to crystallise after reports that executive chairman Peter Cullum is in talks to sell a 25 percent stake to a private equity group.
  • The US Supreme Court has refused to hear an appeal in one of the wind versus water cases spawned by Hurricane Katrina.
  • Swiss Re has joined a growing pool of major market players setting up as admitted carriers in the deregulated Brazilian market.
  • The Council of Lloyd's has invited chairman Lord Peter Levene to remain at the Corporation for an unprecedented third term.
  • Munich Re beat its increased profit projections for 2007 as it booked a consolidated result of EUR3.9bn for the year, up 11.9 percent on 2006.
  • Lloyd's (re)insurer Advent Capital Holdings PLC has seen net income rise to £19.2mn and has maintained a strong return on equity despite increasingly competitive market conditions.
  • French mutual Groupama SA has completed its preparations for an initial public offering (IPO), which would take place if an opportunity to make a major acquisition should arise, it revealed in its 2007 results.
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