January 2008/5

JRG Reinsurance Company has become the latest reinsurer to launch on Bermuda, with $250mn of capital to write working layer reinsurance business for US specialty insurers.

Zurich Financial Services Group has bought Turkish general insurer TEB Sigorta from TEB Mali Yatirimlar.

London-based reinsurance agency ForestRe Ltd has reached an agreement with four Lloyd's syndicates to underwrite the world's only forestry-focused portfolio.

US insurance giant American International Group (AIG) has announced five appointments in an executive reshuffle.

Further evidence of the softening market came with news that average US insurance renewal rates were down 12 percent in the fourth quarter, according to the US commercial insurance brokers association...

Aon Re Global Fac has appointed Oliver Schofield as head of global strategy and a member of its executive committee.

January has continued to be a record month for derivatives trading platform Insurance Futures Exchange Services (IFEX), with a further 701 lots, or $7,010,000 of (re)insurance limit, traded last week.

After stop-start talks, specialist UK broker THB Group plc has finally completed its £8.5mn acquisition of PWS Holdings plc's Lloyd's business and overseas interests.

(Re)insurance shares recovered from a turbulent last week in the markets clawing back ground by close of trading on Friday (25 January) after falls caused by fears of a US recession.

German financial services giant Allianz AG's pre-announced EUR10.8bn of 2007 operating profit, prompting analysts at Keefe, Bruyette & Woods (KBW), to revise their forecast for the firm from Underperform to Market Perform.

A New York federal judge has approved a $13.5mn settlement to the securities class action launched by disaffected RenaissanceRe shareholders against the firm.

The judge in the trial of five executives charged with transacting an allegedly sham finite reinsurance contract between General Re and American International Group (AIG) rejected the defence's motion for a mistrial last week.