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March 2007/1

  • Omega Insurance Holdings has closed the 2004-year of account for Syndicate 958 at a profit of 7.6 percent of capacity despite absorbing losses from four major hurricanes.
  • Lloyd's has strengthened its ties in the fast growing Asian markets with the launch of a Malaysian subsidiary.
  • Rating agency AM Best has upgraded its outlook on the global reinsurance sector from negative to stable for this year.
  • Swiss reinsurer Glacier Re reported a 51 percent increase in its premium volume, up to $167.7mn, written during the January renewals.
  • Icap, the world's largest interdealer broker, has joined forces with JLT Group to operate in areas of increasing convergence between the capital markets and the (re)insurance industry.
  • Benfield Group should post strong 2006 earnings but shareholders will be seeking reassurance in three areas, according to analyst William Hawkins of Keefe, Bruyette & Woods (KBW).
  • The competitive trading conditions for insurance broking overshadowed Jardine Lloyd Thompson Group plc's (JLT) 2006 results this morning (5 March) where the theme of declining rates and the weak dollar was paramount.
  • Amlin plc opened the Lloyd's 2006 reporting season and set a challenging pace with record pre-tax profits of £342.7mn and a lowly combined ratio of 72 percent...
  • Rating agency Standard & Poor's (S&P) is launching a new set of ratings for the run-off sector to indicate the expectation of recovering the principal from (re)insurers.
  • Tawa UK, the run-off acquisition firm backed by the French billionaire François Pinault, has acquired Continental Management Services Ltd (CMS), a (re)insurer with gross assets of $285mn.
  • Bavarian giant Munich Re has raised its 2007 earnings guidance on the back of record 2006 profits of over EUR3.5bn – 28.5 percent up on the prior year.
  • The renewed interest of insurers in obtaining UK brokers has pushed up the deal values in broker mergers and acquisitions (M&A), according to research by Deloitte.