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).

Travelers Syndicate Management Ltd has confirmed the successful closure of the 2000 and prior and 2001 open years of account on its Syndicate 227 into RITC Syndicate Management Ltd's (RSM) Syndicate 5678.

Former Heath Lambert executive Tom Ernoult has joined independent London-based intermediary Oxygen Holdings plc as managing director.

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

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.

Beleaguered life reinsurer Scottish Re had its stock suspended by the New York Stock Exchange (NYSE) last week, and has an application pending with the Securities and Exchange Commission to delist the firm.

French reinsurer SCOR will join a host of other foreign reinsurers taking advantage of the newly deregulated Brazilian market, according to news reports.

"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.

Broker Marsh Inc has appointed Jeremy Cooke to the new position of global head of market relationship management (MRM).

(Re)insurance broker RFIB Group Limited has appointed ex-Carvill executive Jonathan Turnbull as group chief financial officer.

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