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

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.

The senior management re-shuffle at Marsh Ltd continues after the appointment of Martin South as CEO of the broker’s UK operations.

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.

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.

Warren Buffett has signalled his intention to undertake a large acquisition, saying that Berkshire Hathaway Inc (Berkshire) has more cash than investment opportunities.

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.

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.

The trend for insurers to integrate their distribution channels has continued with Travelers purchase of the London-based Galatea Underwriting Agencies Ltd.