January 2008/5

Troubled XL Capital's downgrade to A by both AM Best and Fitch Ratings late last week would limit its competitive position, particularly in US casualty business, analysts have warned.

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.

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 long-running lawsuit filed by Massachusetts State over a fatal tunnel collapse and numerous leaks and design flaws in the massive Big Dig highway project has been settled.

Phil Moyles has joined the legions of ex-MMC executives at private equity firm, Stone Point Capital.

Predicted sub-prime losses for insured management and professional lines have shot up to $9bn from an earlier $3bn as notifications and class action lawsuits continue to mount, according to Bear Stearns analyst David Small.

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

Global broker Marsh has appointed Carrick Lambert as managing director of the Europe, Middle East and Asia (EMEA) financial institutions industry practice.

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

Robert Brown has been appointed head of Aon's UK mid market business following the exit of John Thornton - a role in a competitive sector...

American International Group became the latest financial institution to bail-out a structured investment vehicle (SIV) when it came to the rescue of its $2.5bn vehicle, Nightingale Finance.

UK consolidator Towergate Partnership has bought Scottish broker, McAra Associates Ltd, together with the mortgage payment specialist, British Insurance.