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  • Start-up Lloyd’s insurer Ark has shaken up its underwriting management team, with effect from January 2009.
  • Lloyd's managing agent RJ Kiln is to open a new Syndicate in 2009 for intra-group reinsurance as part of the Tokio Marine Group, as predicted by The Insurance Insider in October.
  • Xchanging plc, the London market back office firm has agreed a deal to buy a 75 percent stake in fellow outsourcing provider Cambridge Solutions Ltd for £83mn in cash and shares.
  • US giant American International Group (AIG) reported a rise in its 2007 net income and announced an $8bn share buyback scheme.
  • Oxygen Holdings plc, the independent London-based intermediary, has acquired Lloyd's broker Robertson Taylor.
  • Fairfax subsidiary OdysseyRe has posted a third quarter net income of $121.5mn, up $9.4mn on the same point last year, as it became one of the few companies in the sector to benefit from net realised gains.
  • The beleaguered broking giant MMC took further steps to improve its corporate governance rating last month by firing five senior executives from its board of directors last week.
  • Bermudian (re)insurer Aspen Insurance Holdings Ltd has taken the innovative step of wrapping a credit derivative structure around a portfolio of its reinsurance recoverables, in a $420mn transaction with investment bank Deutsche Bank.
  • Steve Taylor, business development officer for Gallagher Re, is leaving the reinsurance broker to join one of its clients, WR Berkley Corporation.
  • Non-marine premium levels in the London company market have increased for the third year in a row, according to the latest statistics released by the International Underwriting Association (IUA).