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).

AXA Re spin-off reinsurer PARIS RE has reported "limited" exposure to sub-prime US mortgages, of less than 0.3 percent of total invested assets, as it reported an increase in shareholders' equity of 18.3 percent in its 2007 financial year results.

"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.

German financial services giant Allianz AG's expects to take a pre-tax hit of EUR200mn following European Windstorm Emma.

Max Capital has continued the expansion of its US platform with a deal to buy an admitted lines insurance company.

Despite a heavier burden from natural catastrophes, Hannover Re saw operating profits rise 14 percent to EUR940mn, boosted by strong performance in its life and health division.

Heritage Underwriting Agency has returned strong profits for 2007 resulting from a second benign catastrophe year as well as diversification.

David Paterson today (17 March) took over as New York Governor replacing disgraced former "Sheriff of Wall Street" Eliot Spitzer.

The head of Aon Market Services for Asia has left the company, Insider Week has learnt.

Independently-owned UK broker Heath Lambert Ltd has pledged to diversify regionally through new hires and office openings.

Catastrophe-related economic losses from natural and man-made catastrophes around the world exceeded $70bn last year, according to Swiss Re.

Montpelier Re Holdings Ltd has appointed Christopher Harris to succeed founding CEO Tony Taylor who is stepping down this summer.