April 2006/5

UK regulator the Financial Services Authority (FSA) has fined Lloyd’s broker Besso £20,000 for failure to apply for approval of a member of its management who had previous fraud convictions and is alleged to have gone on to commit fraud whilst at the firm

Bermudian (re)insurer IPC Re announced on 25 March that its net income rose by over 42 percent to $62.65mn for the first quarter of 2006.

Bermudian giant XL Capital reported record first quarter income of $405.5mn, or $2.26 per ordinary share, yesterday (25 March).

Lloyd’s insurer Atrium Underwriting plc today (26 April) announced pre-tax profits of £10mn for last year, 68 percent down on 2004’s record return of £31.6mn.

Bermudian reinsurance ACE Ltd has announced a record net income of $489mn for the first quarter of 2006 despite an $80mn charge to cover an imminent settlement with regulators.

Canadian energy company Suncor Energy Inc announced yesterday (25 April) it has agreed an $830mn settlement with insurers over business interruption (BI) claims arising from a major fire at its Oilsands facilities in northern Alberta last January.

Bermudian (re)insurer Partner Re has unveiled a strong set of first quarter results, with net income of $193.1mn and operating income of $133.7mn, up from $111.4mn and $67.6mn respectively in the prior-year period.

Everest Re has prompted fears of more hurricane pain for reinsurers after revealing further deterioration in losses from last autumn’s storms in its first quarter results published yesterday (24 April).

US insurer WR Berkley yesterday (24 April) reported a 34 percent rise in its first quarter net income from $121mn last year to $162mn in 2006.

Companies that fail to plan strategically and operationally for the effects of climate change face a loss of brand reputation as "climate change villains", according to a new report from broking giant Marsh.

Lloyd's of London has announced the appointment of Ian Faragher as chief operating officer for its new Chinese onshore reinsurance operation in Shanghai. Director of worldwide markets, Julian James welcomed the appointment: "Ian brings with him...

HSBC Insurance Brokers have appointed the former KPMG executive Alexander Pohl to its Corporate Finance Division. Pohl, who spent five years with the accountancy giant advising clients on financial, commercial and environmental issues arising from...