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May 2007/1

  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.