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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 giant XL Capital reported record first quarter income of $405.5mn, or $2.26 per ordinary share, yesterday (25 March).
  • 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.
  • 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.
  • Swiss Re's proposed takeover of GE Insurance Solutions has today (24 April) been approved by the European Commission. In a statement, the Commission said it had concluded the transaction "would not significantly impede effective competition in the...
  • American International Group (AIG) is continuing to divest its interest in reinsurers it helped found, with the US giant putting its 24.2 percent stake in Bermudian IPC Re up for sale last week. AIG launched the cat reinsurance specialist in 1993...
  • The post-Katrina love affair between the capital markets and reinsurance continues to blossom with news that Benfield Group is collaborating with Merrill Lynch to provide a catastrophe bond scheme for reinsurance buyers. Although the announcement...
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