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  • One of the largest providers of business to independent wholesale London market brokers is poised to launch an EC3 operation called Decus Insurance Brokers Ltd.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • US insurer Allstate Corp has cut its reinsurance programme as it scales back its property book in hurricane-exposed states.
  • AXIS Capital has launched a property and casualty (P&C) insurer to write on an admitted basis in the US.
  • Guy Hengesbaugh, the former chief operating officer of the defunct catastrophe reinsurer PXRE, is to head up Towers Perrin’s Bermudian reinsurance broker.