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  • Swiss reinsurer Converium continues its recovery with another improved quarterly performance, reporting net income of $62.5mn on 8 August, compared with $46.9mn in the prior-year period.
  • German reinsurer Munich Re announced half-year profits of EUR2.1bn, a leap of 143 percent from last year, driven by both strong underwriting and investment returns.
  • Willis Group has confirmed that it has recruited a team of Jardine Lloyd Thompson's (JLT) Financial and Professional lines brokers led by Julian Martin, the recent leader of JLT's UK D&O team.
  • In a potentially pioneering transaction, Lloyd's syndicates will have access to a pool of securitised reinsurance capacity next year following the launch of Thunderbird Re, a Cayman Islands domiciled special purpose reinsurer.
  • The decision by Aon Ltd to outsource its entire back office Client Operations division could provide the framework for a new approach by London market brokers to processing their business.
  • The proposed Part VII transfer to move business out of Winterthur Swiss Insurance Company has run into objections in the High Court.
  • Beleaguered Bermudian reinsurer PXRE Group admitted it was heading towards run-off after announcing on 8 August that its net income had slipped to a mere $2.1mn for the second quarter.
  • Aon Corp has overtaken Marsh Inc to become the world's largest (re)insurance broker by brokerage revenues - at least that is the claim of the Chicago-headquartered broker.
  • Jardine Lloyd Thompson Group plc (JLT) plans to overhaul its staff pension scheme in a bid to reduce the £146mn deficit which hangs over the company.
  • The relentless quest by (re)insurers to manage down their reinsurance exposures has inspired a new approach to crystallising the industry's recoverables.