January 2008/4

Bermudian reinsurer Everest Re has revealed that it would be posting a $311mn pre-tax charge, significantly above analyst expectations of $200mn, to strengthen its reserves after completing a study of its asbestos exposures.

Lloyd's insurer Heritage Underwriting Agency remains a target for predators despite the withdrawal of Ironshore Inc's takeover interest, which was first revealed by The Insurance Insider.

AJ Gallagher & Co's Chicago neighbour Aon Corp has emerged as the frontrunner to buy Gallagher Re, the reinsurance broking firm put up-for-sale by its parent company.

Shares in Marsh & McLennan Group (MMC) spiked to $28.37 Thursday (17 January) - up 8 percent on their opening price - as news broke of an approach from rival Willis Group to open takeover talks for its larger rival.