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March 2008/6

  • Alea group CFO and COO, Kirk Lusk, has resigned from the Bermudian-headquartered run-off company.
  • The Lloyd's market's profitability for 2007 is expected to be "ahead of 2006", buoyed by the stellar results recently reported by individual members of the Society, according to Numis Securities analyst, Nick Johnson.
  • 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.
  • Embattled Security Capital Assurance Ltd (SCA) has fought back over its downgrade to junk status by Fitch Ratings, as analysts continue to warn over the knock-on impact on 46 percent owner XL Capital.
  • 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.
  • Munich Re's acquisition of specialty provider The Midland Company has been approved by the US firm's shareholders.
  • The state of California is looking at the possibility of its pension funds creating a new municipal bond insurer as an alternative to existing players and Berkshire Hathaway’s start-up in the embattled sector.
  • Allied World Assurance Company Holdings Ltd (AWAC) has launched its $500mn US reinsurance platform with the endorsement of A and A- financial strength ratings from AM Best and Standard & Poor's (S&P) respectively.
  • This year's onshore energy losses have wiped out the profits made by (re)insurers that have enjoyed the post-2005 hard market, according to a report by broker Lloyd & Partners.
  • 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...
  • Shares in Bermuda-based Omega Insurance Holdings "justify a premium rating" regardless of takeover bid speculation, according to Numis Securities analyst Nick Johnson.
  • The Financial Services Authority (FSA) has admitted to failings in relation to the meltdown at Northern Rock and has pledged to improve its supervision levels.