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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.
  • 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.
  • 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.
  • Converium saw its position strengthened in its efforts to fight off a hostile takeover bid by rival SCOR as it regained its desired A- financial strength rating from Standard & Poor's (S&P).
  • 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...
  • The rise in German run-off liabilities and the changing attitude to the sector will eventually see the creation of a chief liability officer at (re)insurers, according to Arndt Gossmann, director in KPMG's Advisory practice in Germany.
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