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  • The breakdown of stake holding talks between Towergate and private equity group Candover is likely to be a result of the insurance intermediary's over-valuation, according to an investor source.
  • The International Group of P&I (protection & indemnity) Clubs (IG) has fought back over criticisms by broker Aon of its reinsurance renewal.
  • The Lloyd's market's profitability for 2007 is expected to be "ahead of 2006", buoyed by the stellar results recently reported by individual members of the Society, according to Numis Securities analyst, Nick Johnson.
  • Aspen Insurance Holdings Ltd has become the latest Bermudian to establish a Lloyd's presence with the launch of start-up Syndicate 4711.
  • Reinsurers have seen rates fall by up to 10 percent during the 1/4 Japanese renewal season, according to reinsurance broker Guy Carpenter.
  • UK-listed run-off consolidator Tawa plc is part funding its acquisition of failed Bermudian PXRE Reinsurance Company with $14.4mn investment from a trust owned by billionaire steel magnate Lakshmi Mittal family members.
  • American International Group (AIG) has filed a lawsuit against its former CEO and chairman Maurice “Hank” Greenberg as part of its long-running legal battle over ownership of shares in the US giant.
  • Fitch Ratings move to downgrade ratings on Security Capital Assurance Ltd (SCA) and its bond and financial guarantee (re)insurance subsidiaries to junk bond status may weigh on affiliated Bermudian (re)insurer XL Capital, according to analysts.
  • Aon Limited deputy chairman Jonathan Palmer-Brown has been elected as chairman of the London Market Insurance Brokers’ Committee (LMBC).
  • US broker Arthur J Gallagher & Co has completed the $40mn divestment of its reinsurance arm to Aon Corp.