March 2007/4

Lloyd's received the long-awaited approval for its new Chinese onshore reinsurance operation from regulators on Wednesday (14 March).

According to reports in the Financial Times Deutschland last week, German giant Munich Re will record a 2006 loss in its North American business primarily as a result of legacy charges from asbestos claims.

Guy Carpenter, which last week launched a CDO-style property cat product (see story 7), has further committed itself to the development of alternative capital markets solutions with the hire of Laurent Digna from Société Générale.