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April 2006/5
  • Besso fined £20,000 by FSA over fraud employee
    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
    28 April 2006
  • Insurers in $830mn Suncor BI settlement
    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.
    26 April 2006
  • ACE reports record income despite $80mn settlement charge
    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.
    26 April 2006
  • XL reports record quarterly income
    Bermudian giant XL Capital reported record first quarter income of $405.5mn, or $2.26 per ordinary share, yesterday (25 March).
    26 April 2006
  • Atrium profits slide 68 percent in “challenging” 2005
    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.
    26 April 2006
  • Net income up 42 percent at IPC Re
    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.
    26 April 2006
  • Hurricane losses mount at Everest Re
    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).
    25 April 2006
  • Net income up 34 percent at Berkley
    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.
    25 April 2006
  • Partner Re produces strong Q1s
    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.
    25 April 2006
  • CV Starr hires executive vice president
    CV Starr & Co (California), a subsidiary of Hank Greenberg's CV Starr, has hired former AIG executive Jeffrey Hafter as executive vice president in charge of developing the East Coast operations under the agency's Pacific Starr of New York, Inc. entity.
    24 April 2006
  • PXRE chief operating officer quits
    Beleaguered Bermudian PXRE was dealt another blow last week as chief operating officer Guy Hengesbaugh handed in his notice at the reinsurer. In an SEC filing last Tuesday (18 April), the company revealed that Hengesbaugh had given notice of...
    24 April 2006
  • AIG to sell IPC Re stake - Bermudian reinsurer to establish "independent presence"
    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...
    24 April 2006
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