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  • Shares in New York-listed intermediary Arthur J Gallagher closed down 4.6 percent yesterday (7 April) after it announced a public offering of 19 million shares to help fund its $933mn acquisition of the insurance brokerage arm of Australian bank Wesfarmers.
  • Acquisitive US broker AJ Gallagher (AJG) announced a 3.3 percent increase in organic revenues in an earlier-than-expected Q1 report, following its recent swoop for the insurance broking business of Australian bank Wesfarmers and the UK broking group Oval
  • AJ Gallagher (AJG) today (7 April) reported a 3.3 percent increase in organic revenues during the first quarter of 2014, and said it was well placed to keep growing in the remainder of the year thanks to "steady" insurance rates
  • US commercial insurance rates were up 3 percent on renewals in March compared to the prior-year period according to Marketscout's latest barometer on the sector.
  • The insurance industry has aired its frustration with the performance of new UK regulators the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) just one year after their formation, according to a survey conducted by law firm Berwin Leighton Paisner (BLP).
  • Ratings agency AM Best has assigned a negative outlook to all of the ratings of Torus and its subsidiaries days after the completion of its $646mn acquisition by Enstar
  • Traditional reinsurers have begun to use alternative capital to help them match the cheaper prices offered by non-traditional rivals, global broker Aon Benfield said today (4 April) in its report on the 1 April policy renewals.
  • Nomura analyst Cliff Gallant yesterday (3 April) upgraded his recommendation on Willis' shares to "buy" from "neutral", as he predicted the global broker's new management would deliver a sharply improved performance
  • Capsicum Re, the broker start-up launched by former Benfield CEO Grahame "Chily" Chilton, has begun a campaign of hires by taking a number of UK motor brokers from Aon Benfield, The Insurance Insider can reveal
  • Houston International Insurance Group (HIIG), the US insurer that recently completed a $60mn fundraising, has appointed Catlin North America's CFO Peter Presperin as its new senior vice president and heir apparent to its current finance chief, Edward Ellis.