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.

US retail broker Brown & Brown is to formally launch its London market platform, Decus Insurance Brokers Ltd, with a team led by former Gallagher broker Melanie Alexander.

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.