September 2007/1

French reinsurer SCOR has today announced its updated three-year strategy for creating a top 5 global reinsurer following the closing of its $2.8bn Converium Holding AG acquisition.

Amlin plc threw down the gauntlet to Lloyd’s based insurers poised to unveil their interim results this week when it posted a 54 percent leap in first half pre-tax profits to £154mn.

Quoted Lloyd’s insurer Heritage Underwriting Agency can merge its two trading syndicates despite the opposition of members’ agency Hampden Agencies Ltd.

The head of Standard & Poor’s (S&P) has stepped down just weeks after reports that the European Commission is set to investigate the role of rating agencies in the ongoing sub-prime crisis.

A US bankruptcy judge has approved The Travelers Cos’ settlement of one of its largest asbestos cases for a total of $449mn.

Michael Bright, the former CEO of Independent Insurance, which collapsed in 2001, has told a court how the company was eaten from the inside out by a “black cancer”.

Lloyd’s investment vehicle Hampden Underwriting plc (HUP) is pushing ahead with its floatation on the London Stock Exchange’s Alternative Investment Market (AIM) despite falling to raise the £15mn it planned.

The leap in gross written premium at French reinsurer SCOR Group following its acquisition of life reinsurer Revios drove a 77 percent increase in net income to EUR181mn during the first half of 2007.

Groupama UK has shrugged off competition to acquire the privately owned Lark Insurance Broking Group and continue the trend for UK insurers to acquire distribution channels, in a move that was swiftly followed by AXA's swoop for The Davis Group today

Benfield’s Corporate Risks (BCR) arm headed by former Marsh executive John Lapsley is continuing to drag down profits at the broking group, analysts have warned.

Beaufort Underwriting Agency is the latest in a line of Lloyd’s insurers to consider hoisting a “for sale” board, confirming the optimism for continued mergers and acquisitions (M&A) activity in the Society.

Hurricane Felix strengthened to Category Five yesterday (2 September) as it continued on a path for Honduras and Belize.