March 2007/1

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.

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.

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.

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.

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

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.