September 2007/2

German insurance giant Allianz SE is believed to be purchasing a minority stake in expanding UK broker consolidator Oval Group, continuing the trend for insurers to acquire greater control of distribution networks, according to sources.

Brit Insurance Holdings plc is to form a Gibraltar based protected cell reinsurer which will provide reinsurance to the UK insurance group.

Specialist Lloyd's (re)insurer, Atrium Underwriting reported pre-tax profits of £23.8mn for the first half of 2007, an increase of 300 percent on the same period last year.

Bermuda-based (re)insurer Omega Insurance Holdings announced a 119 percent increase in pre-tax profits to $20.4mn for the first half of 2007, driven largely by Bermudian subsidiary Omega Specialty.

At the end of an extraordinary week for broker Marsh Inc, Brian Storms stepped down as CEO of the company.

Lloyd’s insurer Novae Group plc’s investment performance has helped the firm beat analysts’ forecasts and post a 22 percent improvement in its first half pre-tax profits.

First half profits at Co-operative Financial Services (CFS), the banking and insurance subsidiary of the UK consumer conglomerate The Co-operative Group, tumbled by 53 percent to £38mn as a result of "exceptional weather-related losses".

Lloyd’s (re)insurer Hardy Underwriting Group plc remained upbeat despite pricing pressures as it posted a 49 percent increase in its pre-tax profits for the half-year.

Deutsche Bank is set to launch the trading in catastrophe event-linked futures on the Chicago Climate Futures Exchange (CCFE) later this month, it announced today (12 September).

Validus Re will take a decision shortly on whether to renew its $200mn energy sidecar Petrel Re but says it looks likely to continue with the facility.

Hamish Roberts has resigned from JLT Agnew Higgins to head up Aon’s expansion into the power sector.

Bermudian Endurance Specialty Holdings Ltd is set to open an office in Continental Europe, with the fast-growing (re)insurance hub of Zurich the likely target, according to sources.