January 2011/4

Guy Carpenter has hired a trio of new executives to form the core of a dedicated facultative team that will serve Spain and Portugal.

Independent London market broker BMS is poised to launch a new financial lines division later this year, The Insurance Insider can reveal.

US insurer Tower Group has built out its book of business with the acquisition of renewal rights on a portfolio underwritten by Navigators Group.

Navigators Group will take a 2010 fourth quarter charge of approximately $9.2mn after tax, the New York-headquartered firm revealed last week.

Financial magazine Barron's has focused attention on giant conglomerate Berkshire Hathaway by speculating that the company might break its 45-year run of withholding dividends.

London-listed (re)insurer Catlin Group has continued to build-out its US platform with the acquisition of a Wisconsin-domiciled admitted lines shell company from QBE for an undisclosed sum.

Lloyd's is concerned that the market will struggle to maintain profitability in 2011 as it wrestles the twin challenge of falling rates and diminishing investment yields, according to CEO Richard Ward.

Bermudian reinsurer Everest Re has parted company with Tom Jackson, the general manager and chief underwriting officer (CUO) of its London branch office, The Insurance Insider can reveal.

Marine and aviation (re)insurers are unlikely to face significant disruption from the European Union's sanctions against the Iranian regime, according to a Lloyd's market circular.

RSA shares shrugged off a profits warning last week despite the group admitting that its 2010 combined ratio targets will no longer be met.

UK retail broker Heath Lambert has caught the market's attention with an unusual nine-year insurance placement deal for the £15.9bn London infrastructure project Crossrail.

Aviation premium written in Lloyd's looks set to decline in 2011 as the aerospace market responds to a series of loss-making years, The Insurance Insider revealed last week.