February 2008/5

Aon Corp has bought Chicago neighbour AJ Gallagher & Co's (AJG) reinsurance arm Gallagher Re - in a move first predicted by The Insurance Insider.

The London market has moved a step closer to eliminating paper from premium processing, according to the Market Reform Group (MRG).

US tax authority the Internal Revenue Service (IRS) has withdrawn its proposal to alter tax arrangements for US captive insurers.

A change to the jury last week has caused a delay in reaching a verdict in the trial of Gen Re and American International Group (AIG) executives over an allegedly sham finite reinsurance contract.

An "extended and inflexible" renewal season for the International Group of P&I clubs (IG) ended with an average 15 percent rate rise, according to broker Aon Corp.

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.

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.

US insurer HCC Insurance Holdings Inc's conservative business plan and investment strategy saw it reach a record profit for 2007 while steering clear of sub-prime woes.

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.

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.

Bermuda's Platinum Underwriters revealed it had significantly pared back premiums written at 1 January renewal as it reported record fourth quarter and full year profits.

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.