May 2007/1

Last week, Standard & Poor's (S&P) issued a ratings upgrade for Arch Capital's operating subsidiaries, citing Enterprise Risk Management (ERM) as a significant factor in the decision (see story 16).

Chubb Corp is providing itself with $750mn of US windstorm protection over four years with the launch of the East Lane Re cat bonds.

AXIS Capital Holdings Ltd (Axis) announced strong results for the first quarter 2007, citing new reinsurance business in the US and Europe as the main driver.

Although the hard market has passed its peak, rates remain broadly stable in non-life reinsurance, according to German reinsurer Hannover Re.

Despite announcing a $500mn share buyback programme, shares in Marsh and Guy Carpenter parent Marsh & McLennan Companies, Inc, (MMC) were down in early trading today on the back of a sluggish set of first quarter results.

Lloyd's is piloting technology that will check insurance slips automatically as it continues to promote contract certainty and process efficiencies.

Brit Insurance confirmed the sale of a controlling stake in its electronic trading platform RI3K to a consortium including ICAP founder Michael Spencer, and hedge fund giant Eton Park LLP, as predicted by Insider Week last week.

Strong growth in the firm's Americas division propelled Aon Corp's first quarter 2007 earnings and helped offset a weak performance from the group's UK division.

Portuguese conglomerate Sonae SGPS has acquired a 14 percent stake in the independent reinsurance broker Cooper Gay (Holding) Ltd with the option to double its stake to 28 percent.

Canadian combine Fairfax Financial Holdings received a ratings boost from AM Best following the reporting of its first quarter results last week.

US (re)insurer Liberty Mutual Group will continue searching for takeover targets despite its $2.7bn acquisition of Ohio Casualty Corp, according to its president and CEO, Edmund Kelly.

Lloyd's sector star Amlin plc saw its share price climb around 8 percent last week following entry on to the Dow Jones STOXX select dividend 30 index.