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...