March 2008/4

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

Brit Insurance Holdings plc's Gibraltar based protected cell reinsurer, Rockhampton Insurance PCC Limited, which will provide reinsurance to the UK insurance group, has begun trading.

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.

Gallagher Global Risks is set to bolster its international property team with the addition of Benfield broker Brian Fuller. Fuller will join Gallagher as director of international property and will be based in London.

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.

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

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.

The opportunities afforded to French reinsurer SCOR from its acquisition of Converium still outweigh 'integration risks', according to analysts.

Japanese company Tokio Marine & Nichido Fire Insurance Co has completed its takeover of Lloyd's insurer Kiln Ltd.

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.

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.