September 2007/4

US broker Hilb Rogal & Hobbs (HRH) is expected to complete the purchase the Banc of America Corporate Insurance Agency (BACIA), which manages over $1.2bn in commercial insurance and...

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 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.

Despite reinsurers generally agreeing that rates in the softest reinsurance lines such as aviation and US casualty will fall by around 10 percent next year, a leading figure in the sector has warned that this figure be significantly higher at renewal.

"Class of 2005" alumnus Flagstone Re is the latest Bermudian to build a significant presence in Switzerland, with the appointment of Guy Swayne as CEO of its newly capitalised subsidiary.

Marsh Inc, the broking unit of US (re)insurance conglomerate Marsh & McLennan Inc (MMC), suffered further senior management disruption last week as it parted company with chief executive Brian Storms.

Chuck Hewitt is leaving Benfield to join rival Guy Carpenter – the second senior executive to make the journey in two months.

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.

Swiss insurance giant, Zurich Financial Services Group, has revealed a net loss estimate of $260mn for the UK July floods, bringing the group's total for this summer’s events to $660mn.

Shares in UK (re)insurer Beazley Group plc plummeted more than 7 percent in just two days trading on the news that CEO Andrew Beazley sold over 3 million shares in the firm, halving his ownership stake.

London-based underwriting pool Global Aerospace Underwriting Managers (GAUM) was the lead on the cover of the aircraft that crashed on the Thai island of Phuket yesterday (16 September).

Former Independent Insurance finance director Dennis Lomas became the last of the firm's trio of senior executives to take the witness stand last week.