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  • AJ Gallagher & Co's (AJG) new onshore/offshore energy and utility broking subsidiary is set to welcome the latest addition to its team - Neil Jurd, who has resigned from JLT Agnew Higgins, Insider Week understands.
  • Aon Corp has hired the former Max Re chief executive Bob Cooney as managing director of its Capital Markets division, the unit which provides structured finance and capital markets products to the (re)insurance industry.
  • Bermudian reinsurer Everest Re reported a 21-point deterioration in its combined ratio, to 108.4 percent for the final quarter of 2007, owing largely to the $311.2mn asbestos charge announced in January.
  • Brian Duperreault, the former ACE Ltd chief, has been appointed president and CEO of Marsh & McLennan Cos (MMC) with immediate effect, in a bid to boost the fortunes of the ailing financial services group.
  • The arrival of Brian Duperreault at the helm of Marsh & McLennan Cos (MMC) has reduced the likelihood of an imminent takeover bid by Willis Group Holdings, reflected in the rising share price at the smaller broker following the news.
  • US insurer Allstate Corp has cut its reinsurance programme as it scales back its property book in hurricane-exposed states.
  • Bear Stearns analyst David Small has praised AJ Gallagher management’s decision to sell its reinsurance division and was “encouraged” by plans to reduce its back office workforce by 400 positions.
  • AJ Gallagher is likely to receive plaudits from analysts tomorrow – and perhaps even a fillip to its share price - after confirming this evening that it is divesting its reinsurance unit.
  • German giant Munich Re said this morning (30 January) it expects to book record 2007 profits of EUR3.9bn – up from EUR3.5bn in the prior year - as it revealed minimum exposure to sub-prime related losses in the fourth quarter.
  • Lloyd's has remained upbeat despite the market missing the 100 percent 2007 target for take-up on usage of electronic claims files (ECF) as it ended the year at 88 percent.