May 2008/2

Three companies have joined together to launch ACR ReTakaful Holdings Ltd, the largest retakaful company in the reinsurance industry with a capital base of almost $300mn.

Swiss Re shares fell more than 5 percent last week after the reinsurance giant continued to disappoint analysts with further structured credit losses that halved Q1 profits.

Pressure is mounting on American International Group (AIG) CEO Martin Sullivan as the crisis at the US giant deepened after a second consecutive record quarterly loss.

Bermudian (re)insurer Validus Holdings Ltd has formed a new Miami-based company to act as an approved coverholder for its Lloyd's Syndicate 1183.

Willis has launched a new Malta-based captive management operation, Willis Management (Malta) Ltd.

UK listed broker Jardine Lloyd Thompson Group (JLT) has strengthened its reinsurance operations with a slew of appointments from rival firms.

Aon Corp has expanded its presence in the Latin American market after snapping up Peruvian reinsurance intermediary, Cosegur Re.

The chairman of "Class of 2005" firm Flagstone Reinsurance Holdings said its nimble stature was key to its ability to ride through the softer market conditions.

Max Capital Group Ltd revealed net income slumped $72.3mn compared to the prior-year period, which has been attributed to losses on investments.

Shares in Highway Insurance Holdings plc nosedived after the UK motor specialist offered a bleak update on the sector leading to fears its dividend might be cut.

First quarter profits fell at US insurer HCC Insurance Holdings Inc following losses in its investment portfolio.

Berkshire Hathaway revealed first quarter net profits dropped by around 64 percent to $940mn from $2.6bn in the prior-year period.