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.

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.

French reinsurer SCOR will open its public offer for Converium shares on 29 May in its protracted effort to takeover the Swiss-headquartered company.

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

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.

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.

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

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

Reinsurance broker John B Collins Associates (UK) Ltd (Collins) has formed a new subsidiary, Collins Capital Advisors LLC (Collins Capital), to tap into the closing relationship between the insurance industry and capital markets.

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.

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).