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  • For the seventh consecutive month airline rates have seen double-digit falls as a report revealed 2006 to be the “safest year on record” for the industry.
  • Reinsurance broker, Aon Re Global (Aon Re) has predicted a slight oversupply of worldwide property reinsurance capacity ahead of the 1 June and 1 July renewal season.
  • UK insurer Royal & Sun Alliance Group (R&SA) is facing a claim following this morning's (21 May) fire aboard 138 year-old tea clipper, the Cutty Sark, which is undergoing a £25mn renovation in dry dock in Greenwich, London.
  • Bermudian start-up Ironshore Insurance Ltd has been granted regulatory approval to write business on a surplus lines basis in Florida, Insider Week can reveal.
  • Shares in Aon Corporation were up last week amid rumours the broking giant may be the target for a leveraged buyout as private equity interest in the sector continues to grow.
  • European giant Zurich Financial Services reported a 71 percent rise in its first quarter income, up to $1.39bn from $810mn in the prior-year period.
  • As The Hartford Financial Services Group (Hartford) celebrated "the best year in The Hartford’s history" in 2006, CEO Ramani Ayer was in bullish mood about prospects for 2007, predicting opportunities to grow its businesses.
  • Fast growing broker Lockton is launching a Bermudian office as it continues to build its global presence.
  • Validus Holdings Ltd agreed terms for its acquisition of Talbot Underwriting Holdings last week, a move that could trigger a wave of mergers and acquisition (M&A) activity between Bermudian (re)insurers and their Lloyd's counterparts.
  • Bank of America Corp has said it is considering the sale of its brokerage business, Banc of America Corporate Insurance Agency LLC.