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May 2007/1

  • Thank you to all who took part in The Insurance Insider’s 2007 London market survey, in association with ImageRight. The survey collected over 150 responses throughout April and the results will be published in our Business Process Reform supplement to be
  • Lloyd's is piloting technology that will check insurance slips automatically as it continues to promote contract certainty and process efficiencies.
  • Back office service provider Xchanging and market information and analysis firm Advisen Ltd are teaming up to launch an ACORD messaging hub for the London Market.
  • 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.
  • 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.
  • AM Best has confirmed the A- (Excellent) financial strength rating and issuer credit rating of a- of Glacier Reinsurance AG (Glacier Re) and its wholly-owned subsidiary, Glacier Insurance.
  • The impact of legislative actions in Florida earlier this year was reflected in the top line shrinking by 18 percent at RenaissanceRe Holdings Ltd (Ren Re) as the reinsurer reported first quarter figures.
  • The senior management re-shuffle at Marsh Ltd continues after the appointment of Martin South as CEO of the broker’s UK operations.
  • Although the hard market has passed its peak, rates remain broadly stable in non-life reinsurance, according to German reinsurer Hannover Re.
  • Munich Re announced a widely anticipated expansion of its capital management programme, with plans to buy back more than EUR5bn shares by 2010 as it targets average rises in earnings per share of 10 percent through the period.
  • World’s largest reinsurer Swiss Reinsurance Co reported record earnings of SFr1.3bn in the first quarter 2007, an increase of 54 percent over the prior-year period. Earnings per share rose 38 percent to SFr3.85.
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