March 2007/1

Despite delivering a doubling of net profits to SFr4.6bn and an unexpected announcement on capital repatriation, Swiss Re’s full-year financials were met with a cautious response by analysts.

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.

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.

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.

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

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

Capita Insurance Services, part of the giant UK outsourcing group Capita Group, is in talks to acquire the run-off consultants Claims Management Group Ltd (CMGL), Insider Week understands.

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.