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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.
  • The opportunities afforded to French reinsurer SCOR from its acquisition of Converium still outweigh 'integration risks', according to analysts.
  • Market analysts have responded positively to Lloyd's insurer Chaucer Holdings 2007 results and its recent strategy.
  • Japanese company Tokio Marine & Nichido Fire Insurance Co has completed its takeover of Lloyd's insurer Kiln Ltd.
  • 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.
  • 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.
  • 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.
  • Richard Scruggs, the lawyer who successfully fought the tobacco companies in a series of class actions, has pleaded guilty to bribing a judge.
  • 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.
  • 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.
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