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  • Sagicor Financial Corporation (SFC) – which acquired Lloyd’s insurer Gerling at Lloyd’s and its Syndicate 1206 last September – has announced an increase in net income to over $100mn in 2007.
  • Lloyd's has reported a profit of £3.846bn for the 2007 financial year - a 4 percent increase on its 2006 figure of £3.662bn, despite a softening market.
  • Lloyd’s is being urged to tackle its complicated capital structure amid a “rare” opportunity to reform the legislation which governs the marketplace.
  • Venture capital firm 3i has acquired a £50mn stake in the UK-headquartered broking firm Hyperion Insurance Group Ltd, as first revealed by the The Insurance Insider.
  • Bermudian Argo Group International Holdings Ltd has agreed a 154p a share cash offer to buy Heritage Underwriting Agency plc in a deal that values the Lloyd’s insurer at £136mn on an ex-dividend basis.
  • Xchanging management are cashing in investments in the outsourcing firm ahead of changes that effectively increase capital gains tax on 6 April.
  • Miller Insurance Services Ltd has launched a Singapore-based broker as it seeks to take advantage of the country’s rapid underwriting growth.
  • Venture capital firm 3i has acquired a stake in the UK-headquartered broking firm Hyperion Insurance Group Ltd, The Insurance Insider can reveal.
  • Munich Re's acquisition of specialty provider The Midland Company has been approved by the US firm's shareholders.
  • Enron creditors are set to receive a $1.66 billion lawsuit payout after Citigroup Inc agreed a settlement over its responsibility in the energy trading firm's downfall.