January 2008/2

As well as cutting 2008 capacity on Lloyd's syndicates, a number of the market's listed insurers have already begun to hand capital back to shareholders - a pattern likely to continue this year...

The departures from Aon Natural Resources & Construction in London has continued with a number of key staff tendering their resignations recently, including Derek Thrumble.

Cherkasky departure linked to activist; break-up pressures grow (again)

Competition has forced reinsurance rate reductions of up to 15 percent at 1 January as the industry shows signs of reverting to its historic pattern of "feast and famine", according to leading market players.

Asbestos liability (re)insurer St George Re in Bermuda launch; Great American accused of bid rigging; Citizens in Bermuda; Ironshore buys Fairfax shell; Tobin steps down from XL...

UK quoted run-off acquisition firm Tawa plc will now pay a reduced cash sum of $54mn to buy defunct US reinsurer PXRE Reinsurance Company following a dividend paid out by the company.

Listed Bermudian-headquartered legacy firm Enstar Group has acquired AMP Ltd's Australian-based closed (re)insurance operations for A$585mn ($518mn).

Run-off (re)insurer Alea Group Holdings has reached agreement to "fully and finally" commute all exposure under an excess-of-loss reinsurance treaty.

Global law firm Mayer Brown LLP is to merge with the Asian law firm, Johnson Stokes & Master (JSM).

Recently merged New York law firm Dewey & LeBoeuf LLP has opened a full service office in Dubai, with a primary focus on corporate finance.

Lloyd’s insurer Amlin plc has seen its premium income drop 7 percent so far this year reflecting the softer market conditions.

Aon Corp has continued to strengthen its European reinsurance arm as it prepares for the arrival of Geoff Bromley, the former chairman of Guy Carpenter’s European and Asian operations, next month.