March 2008/6

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.

Ratings agency Standard & Poor's (S&P) has revised its outlook to Positive from Stable for Bermudian Max Capital Group Ltd following the firm's increased diversification and strong capitalisation.

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.

American International Group has filed a lawsuit against its former CEO and chairman Maurice "Hank" Greenberg as part of its long-running legal battle over ownership of shares in the US giant.

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.

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.

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.

Jardine Lloyd Thompson Group plc (JLT) has settled its legal dispute with three of its former energy brokers for allegedly attempting to take a major client with them when they left.

Outsourcing firm Capita Group plc has added to its broking arm, BDML, with the acquisition of independent intermediary Lancaster Insurance Services Ltd.

Peter Matthews has been elected as chairman of The Association of Insurance and Reinsurance Service Providers (AirSP).

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.

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.