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.

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

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.

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.

Reinsurers have seen rates fall by up to 10 percent during the 1/4 Japanese renewal season, according to reinsurance broker Guy Carpenter.

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).

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.

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.