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March 2007/1

  • 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.
  • 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.
  • 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.
  • Reinsurance broker Benfield Group continues to build its facultative team after last year’s mass defection to rival Aon Corp.
  • 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.
  • Independent UK broker Heath Lambert confirmed 2006 turnover of £121mn and pre-tax profits of approximately £17.5mn, as predicted in the February issue of The Insurance Insider.
  • Giant US insurer State Farm benefited from the unexpectedly low catastrophe losses of 2006 as it posted after-tax net profits of $5.32bn, compared to $3.24bn in the hurricane-hit year of 2005.
  • UK general insurer Royal & Sun Alliance (R&SA) has completed the sale of its US run-off operation Arrowpoint Capital to its management even though some policyholders are continuing to object.