May 2008/2

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

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

Marsh & McLennan Companies (MMC) slipped to a $210mn first quarter net loss as a result of a $425mn goodwill writedown at its security consulting arm Kroll.

Monoline bond insurer MBIA Inc is suing two insurers over a $75mn settlement it made with US regulators last year.

As RSA announced a 15 percent rise in group net written premiums to £1.7bn in the first quarter of 2008, compared to the prior-year period, one analyst believes it is "likely" the group will be broken up.

The introduction of the Solvency II regulatory system in 2012 will be far more significant to European insurers than sub-prime losses and the credit crunch, according to a report by ratings agency Standard & Poor's (S&P).

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.

Bermuda-headquartered Lloyd's insurer Hiscox Ltd has dropped its premium income by 10 percent this year as it sticks to its guns about underwriting discipline in the soft market.

Munich Re's first quarter profits dipped 19 percent as it took a EUR578mn hit in its reinsurance division from the spate of major losses hitting the market in the period.

The US Securities and Exchange Commission (SEC) is to begin distributing over $800mn to American International Group (AIG) shareholders as part of the giant's settlement with regulators.

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

The US Senate has rejected moves to add wind coverage to the federal programme that provides flood insurance.