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  • Arch Capital Group Ltd is to form Gulf Re, a Dubai-based $400mn capitalised reinsurer, in a joint venture with the Gulf Investment Corporation.
  • Former Heath Lambert executive Tom Ernoult has joined independent London-based intermediary Oxygen Holdings plc as managing director.
  • AXA Re spin-off reinsurer PARIS RE has reported "limited" exposure to sub-prime US mortgages, of less than 0.3 percent of total invested assets, as it reported an increase in shareholders' equity of 18.3 percent in its 2007 financial year results.
  • Catastrophe-related economic losses from natural and man-made catastrophes around the world exceeded $70bn last year, according to Swiss Re.
  • Broker Marsh Inc has appointed Jeremy Cooke to the new position of global head of market relationship management (MRM).
  • Japanese company Tokio Marine & Nichido Fire Insurance Co has completed its takeover of Lloyd's insurer Kiln Ltd.
  • Novae Group plc has continued its resurgence with a second consecutive year of record profits with its result bolstered by reserve releases and investment income.
  • Montpelier Re Holdings Ltd has appointed Christopher Harris to succeed founding CEO Tony Taylor who is stepping down this summer.
  • The future of Bear Stearns hangs in the balance after JP Morgan and the Federal Reserve Bank of New York stepped in with an emergency funding package to bail out the beleaguered investment bank.
  • German financial services giant Allianz AG's expects to take a pre-tax hit of EUR200mn following European Windstorm Emma, it revealed today (13 March).