May 2007/2

US insurers Chubb Corporation, The Hartford and WR Berkley reported profits up and premiums down for the first quarter of 2007, while the longevity of Travelers’ continued growth was also questioned.

First quarter results from the big three brokers met with a mixed response, as Aon and Willis found favour for growing revenues and profits, while Marsh & McLennan Companies, Inc (MMC) traded down on sluggish results.

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

The impact of legislative actions in Florida earlier this year was reflected in the top line shrinking by 18 percent at RenaissanceRe Holdings Ltd as the reinsurer reported first quarter figures.

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 earnings but falling top-line figures were the dominant features of first quarter results from Bermuda’s public (re)insurers as pipeline profits from the end of the hard market were countered by growing signs of softening underwriting conditions.

Following a difficult courtship, SCOR has finally agreed takeover terms with Converium after increasing its offer for its Swiss rival in a SFr3.4bn ($2.8bn) transaction that will create a top five global reinsurer.

Although the hard market has passed its peak, rates remain broadly stable in non-life reinsurance, according to German reinsurer Hannover Re.

Despite record Q1 earnings, boosted by the sale of its iconic London offices and contributions from the GE Insurance Solutions (GEIS) acquisition that positioned it as the world’s biggest reinsurer, Swiss Re remains a close second to Munich Re in the eyes

It was a long time coming, but Brit Insurance finally 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.

Lloyd’s insurer Managing Agency Partners Ltd (MAP) announced last month that its founder David Shipley would be stepping down from Syndicate 2791 at the end of the year with his colleagues Richard Trubshaw and Aidan Kong becoming the named and deputy unde

The latest developments in the international (re)insurance market