March 2007/1

Rating agency AM Best has upgraded its outlook on the global reinsurance sector from negative to stable for this year.

Heritage Underwriting Agency plc's reported that the majority of its forecasts were stable, although the 2004-year of account finished at the high end of ranges on both live syndicates.

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.

Analysts at Numis Securities have predicted further premium growth for Lloyd’s insurer Kiln as the firm announced improved forecasts for its syndicates.

BP Marsh & Partners plc, the London-based investor in specialist insurance and other financial services has taken a 25 percent equity interest in JMD Specialist Insurance Services Group Limited (JMD).

Lloyd's has strengthened its ties in the fast growing Asian markets with the launch of a Malaysian subsidiary.

Swiss reinsurer Glacier Re reported a 51 percent increase in its premium volume, up to $167.7mn, written during the January renewals.

Bermudian (re)insurer ACE Limited has appointed its CEO Evan Greenberg as chairman of the board from May this year.

Hardy Underwriting Group raised the forecasts for its Lloyd's Syndicate 382, closing the 2004-year of account up on predictions despite the four major hurricanes that 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.

US giant American International Group (AIG) reported a rise in its 2007 net income and announced an $8bn share buyback scheme.

In a year in which "everything went right in insurance", investment conglomerate Berkshire Hathaway reported a record gain in net worth during 2006 of $16.9bn.