March 2008/6

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.

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.

Tawa plc's move to part fund its acquisition of PXRE Reinsurance Company with a $14.4mn investment from a trust owned by billionaire steel magnate Lakshmi Mittal family members continues its strategy of widening its long-term investor base...

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.

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.

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.

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.