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January 2008/2

  • Shares in Bermudian (re)insurer Aspen Insurance Holdings ltd have jumped by more than 10 percent in early trading after the group’s record full year net income rose by nearly a third on the same 2006 period.
  • Aon Corp is set to unveil a major restructuring which will see the formation of a new global retail business led by Steve McGill, the current head of the firm’s Americas division, The Insurance Insider can reveal.
  • Shares in Lloyd’s (re)insurer Omega Insurance Holdings have soared by nearly 10 percent after the firm announced it was in talks over its potential sale.
  • Despite reporting strong earnings, broker Willis Group disappointed analysts with its lack of organic growth for the fourth quarter.
  • The deregulated Brazilian (re)insurance industry is set to welcome its latest admitted carrier, German giant Munich Re which is setting up a subsidiary in São Paulo.
  • Bermudian XL Capital has reported fourth quarter earnings in line with last month’s sub-prime loss fuelled profits warning, but analysts continue to focus on uncertainty surrounding the troubled (re)insurer.
  • Amlin’s well-regarded head of underwriting has taken a leave of absence from the Lloyd’s insurer because of ill-health.
  • Aon Corp has hired the former Max Re chief executive Bob Cooney as managing director of its Capital Markets division, the unit which provides structured finance and capital markets products to the (re)insurance industry.
  • Bermudian reinsurer Everest Re reported a 21-point deterioration in its combined ratio, to 108.4 percent for the final quarter of 2007, owing largely to the $311.2mn asbestos charge announced in January.
  • The arrival of Brian Duperreault at the helm of Marsh & McLennan Cos (MMC) has reduced the likelihood of an imminent takeover bid by Willis Group Holdings, reflected in the rising share price at the smaller broker following the news.
  • Brian Duperreault, the former ACE Ltd chief, has been appointed president and CEO of Marsh & McLennan Cos (MMC) with immediate effect, in a bid to boost the fortunes of the ailing financial services group.
  • US insurer Allstate Corp has cut its reinsurance programme as it scales back its property book in hurricane-exposed states.