Stop wavering on cycle management
UK insurers are failing to actively manage the insurance price cycle, rating agency Standard and Poor's said. In a report it said that stable economic growth, low inflation, strong insurance supervision and improved enterprise risk management were helping the industry. But it said that insurers were failing the cycle management test.

Bannerman expands into PI
Lloyd's independent broker John Banner-man is set to expand into the professional indemnity (PI) market following a reverse takeover by Rendell and Partners.

Drainage Network in £7m merger
The UK Drainage Network is to merge with its regional contract partner operations in a £7m move that will see it become one of the largest independent drainage companies in the UK.

Plumeri stays on until 2009
Willis chief executive and chairman Joe Plumeri had his employment contract extended by one year. He will now remain in the job until 15 October 2009.