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March 2008/4

  • The acquisitions of Revios and Converium have pushed French reinsurer SCOR’s 2007 profits up 62 percent to a record EUR407mn, the company reported today (19 March).
  • The US tax authority the Internal Revenue Service has reiterated its position on the cascading federal excise taxes (FET) that will apply to foreign (re)insurers on when the deal involves an underlying US risk.
  • Market analysts have responded positively to Lloyd's insurer Chaucer Holdings 2007 results and its recent strategy.
  • Novae Group plc has continued its resurgence with a second consecutive year of record profits with its result bolstered by reserve releases and investment income.
  • After more than doubling net written premium and more than trebling after-tax profits in 2007, Bermuda-based Omega Insurance Holdings Ltd expects further profitable growth in 2008.
  • Independently-owned UK broker Heath Lambert Ltd has pledged to diversify regionally through new hires and office openings.
  • "Class of 2005" firm Flagstone Reinsurance Holdings has agreed to take a 65 percent stake in South African company Imperial Reinsurance for an undisclosed amount.
  • Catastrophe-related economic losses from natural and man-made catastrophes around the world exceeded $70bn last year, according to Swiss Re.
  • German financial services giant Allianz AG's expects to take a pre-tax hit of EUR200mn following European Windstorm Emma.
  • Broker Marsh Inc has appointed Jeremy Cooke to the new position of global head of market relationship management (MRM).
  • German insurer Allianz AG is to break up its Dresdner Bank division in a move that will enable it to divest its underperforming investment banking unit Dresdner Kleinwort.
  • Berkshire Hathaway Inc has exited its 16.3 percent stake in White Mountains Insurance Group Ltd in a deal that sees the Bermudian insurer pay $751mn in cash and transfer two of its run-off units to the investment giant.