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March 2008/6

  • Aon Ltd deputy chairman Jonathan Palmer-Brown has been elected as chairman of the London Market Insurance Brokers' Committee (LMBC).
  • Munich Re's acquisition of specialty provider The Midland Company has been approved by the US firm's shareholders.
  • Outsourcing firm Capita Group plc has added to its broking arm, BDML, with the acquisition of independent intermediary Lancaster Insurance Services Ltd.
  • Net profit at Lloyd's insurer Talbot Holdings Ltd Syndicate 1183 has fallen by around £8mn for 2007 despite an 81 percent investment income hike and steady gross written premiums.
  • UK broker Cobra Holdings plc has reported a 56 percent increase in operating profit for the 12 months to 31 December 2007, boosted by growth in its network and underwriting agency divisions.
  • Peter Matthews has been elected as chairman of The Association of Insurance and Reinsurance Service Providers (AirSP).
  • Enron creditors are set to receive a $1.66 billion lawsuit payout after Citigroup Inc agreed a settlement over its responsibility in the energy trading firm's downfall.
  • Swiss-headquartered (re)insurer Glacier Group has launched its new London underwriting operation, as predicted by Insider Week in January.
  • Six foreign reinsurance brokers have been licensed by the Brazilian insurance regulator Susep as intermediaries begin to take advantage of the newly deregulated Brazilian market, according to news reports.
  • World Trade Center developer Larry Silverstein, who already successfully claimed $4.55bn from (re)insurers following the 11 September attacks, is seeking a further $12.3bn in damages from airlines and airport security companies.
  • Lloyd's brokers expect consolidation to continue over the next three years, despite the majority expressing concern that the credit crunch would impact broker valuations.
  • Ratings agency Standard & Poor's (S&P) has sounded a note of caution over disciplined underwriting based on the amount of "under priced" business picked up by the market in the aftermath of Swiss Re's 12 percent reduction...