May 2007/1

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.

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

Rating agency Standard & Poor’s (S&P) has upgraded the financial strength ratings of Arch Capital’s operating subsidiaries from A- to A with a stable outlook citing the group’s “strong” enterprise risk management (ERM) as one of the reasons.

Bermudian (re)insurer White Mountains Insurance Group reported an "OK" first quarter for 2007 with net income falling $4mn to $92mn.

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

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

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

Willis continued its top tier re-shuffling last week with the appointment of Brendan McManus as chief executive of Willis UK & Ireland (WUK&I) operating 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.

Newly re-branded Bermudian (re)insurer Max Capital Group reported quarterly net income of $80mn, or $1.24 per diluted share, compared to net income of $75.3mn, or $1.19 per diluted share, in the prior-year period.

Aspen Insurance Holdings Ltd almost doubled net profits quarter-on-quarter, but saw its top-line tail off, with gross written premiums falling to $636.5mn from $678.7mn in the first quarter of 2006.