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.