March 2008/6

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.

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.

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 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...

The breakdown of stake holding talks between Towergate and private equity group Candover is likely to be a result of the insurance intermediary's over-valuation, according to an investor source.

The International Group of P&I (protection & indemnity) Clubs (IG) has fought back over criticisms by broker Aon of its reinsurance renewal.

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.

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.

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.

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

Shares in Bermuda-based Omega Insurance Holdings "justify a premium rating" regardless of takeover bid speculation, according to Numis Securities analyst Nick Johnson.

Alea group CFO and COO, Kirk Lusk, has resigned from the Bermudian-headquartered run-off company.

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.

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.

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.

Swiss-headquartered (re)insurer Glacier Group has launched its new London underwriting operation, as predicted by Insider Week in January.

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 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.