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.

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

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).

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.

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

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

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.

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.

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

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.

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.

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

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.

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

The heads of Guy Carpenter’s facultative reinsurance broking division GCFac who defected to rival Integro Ltd in April are set for an acrimonious legal dispute after their former employer filed lawsuits against them last week.

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

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.

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.