March 2008/4

Benfield Group CEO Grahame Chilton said he remains confident that the reinsurance market will turn even as the enervating effects of the weak US dollar took its toll on the firm’s 2007 results.

Bear Stearns has become the latest casualty in a dramatic escalation of the US sub-prime triggered credit crisis that has led to heavy falls on the European and Asian stock markets today.

Arch Capital Group Ltd is to form Gulf Re, a Dubai-based $400mn capitalised reinsurer, in a joint venture with the Gulf Investment Corporation.

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

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.

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.

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.

Market analysts have responded positively to Lloyd's insurer Chaucer Holdings 2007 results and its recent strategy.

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.

The current plight of some municipal bonds is just the "tip of the iceberg" and will continue to rise, according to Berkshire Hathaway’s reinsurance chief Ajit Jain.

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.