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).

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...

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.

Bavarian giant Munich Re has raised its 2007 earnings guidance on the back of record 2006 profits of over EUR3.5bn – 28.5 percent up on the prior 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.

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.

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.

The impact on reinsurers of last month’s legislation in Florida may not be quite as severe as first feared, with the state reportedly opting to expand its hurricane catastrophe fund by $12bn, less than the $16bn increase allowed in the bill.

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.

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

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.

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

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.

Reinsurance broker Benfield Group continues to build its facultative team after last year’s mass defection to rival Aon Corp.

A report into the European run-off market by PricewaterhouseCoopers (PwC) has estimated its size at in excess of EUR204bn of liabilities.