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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).
  • Catastrophe modelling agency Risk Management Services (RMS) has lowered its industry loss estimate for European Windstorm Kyrill to a range of EUR3-4bn.
  • 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...
  • A report into the European run-off market by PricewaterhouseCoopers (PwC) has estimated its size at in excess of EUR204bn of liabilities.
  • 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.
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