March 2007/2

Further job cuts now look likely at Aon Re UK, the reinsurance arm of Aon Ltd, after the company announced a review of the unit on 6 March.

With 2006's bumper returns banked, and clear signs of rates softening, (re)insurers are resurrecting capital management plans in earnest.

German reinsurer Hannover Re completed two more innovative securitisations that laid-off its recoverables and property catastrophe exposures to the capital markets.

The renewed interest of insurers in obtaining UK brokers has pushed up the deal values in broker mergers and acquisitions (M&A), according to Deloitte.

A joint venture between global interdealer broker ICAP and JLT Group has once again underlined the growing co-operation between the reinsurance industry and the capital markets in trading risk.

Berkshire Hathaway chairman Warren Buffett said that with falling rates in “super-cat” insurance as a result of the “flood of capital” post-Katrina, the company has “sharply reduced” wind exposures.

US giant American International Group (AIG) continued the capital management theme as it reported a rise in its 2007 net income and announced an $8bn share buyback scheme.

After a month digesting unpalatable developments in the “Sunshine State”, the (re)insurance industry was at least served up a sliver of good news late February, as it emerged the Florida State Board of Administration...

Aon has confirmed the arrival of Steve Redgwell as head of broking for its Commercial Insurance division.

After a good 2006, Talbot raises the ‘for sale’ sign. Its timing could be perfect…

Aon – which is involved in an acrimonious battle with Benfield over the poaching of its facultative team – has won the Lexington Insurance Co account from the reinsurance broker, The Insurance Insider can reveal.

European giants Allianz, AXA and Zurich Financial Services (ZFS) reported strident 2006 figures and increased dividends as they benefitted from clement natural catastrophe conditions.