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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.
  • Swiss-headquartered (re)insurer Glacier Group has launched its new London underwriting operation, as predicted by Insider Week in January.
  • 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.
  • Aon Ltd deputy chairman Jonathan Palmer-Brown has been elected as chairman of the London Market Insurance Brokers' Committee (LMBC).
  • 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).
  • The International Group of P&I (protection & indemnity) Clubs (IG) has fought back over criticisms by broker Aon of its reinsurance renewal.
  • 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.
  • 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.
  • 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.
  • 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.
  • Outsourcing firm Capita Group plc has added to its broking arm, BDML, with the acquisition of independent intermediary Lancaster Insurance Services Ltd.