March 2008/4

Lexington Insurance Company's move to treble its available capacity for high limit US commercial property sees the American International Group (AIG) subsidiary take on a market traditionally dominated by FM Global.

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.

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.

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

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

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

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.

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.

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

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.