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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.
  • 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 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.
  • 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.
  • 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...
  • US property casualty insurers are expected to pay out approximately $1.38bn in insured losses for the first quarter of the year, according to ISO's Property Claim Services. The losses are the result of damages to homes, commercial properties and...
  • Arthur J Gallagher was the first of the major brokers to publish its first quarter 2006 results last week - setting a scene of competitive trading conditions likely to be followed by its rivals over the next few weeks.