August 2003/2

Omega Underwriting Agents Ltd is also set to launch a new syndicate as it puts the finishing touches to a capital raising initiative that will almost double its capacity.

US insurer St Paul disappointed investors last Wednesday (30 July) with earnings below a revised analysts’ consensus, and considerably down on previous projections.

The last seven days have seen Bermudian stalwarts ACE and XL weigh in with steady half-year results, not quite matching the pace set by recent announcements from some of the newer start-ups.

Lloyd’s insurer Brit has responded to fears that aviation insurance rates are continuing to fall by revealing that from today (4 August) it will no longer write direct aviation business.

Converium, the reinsurer spun-out of ZFS in 2001, reported strong growth last week, on the back of its decision to focus energies on Continental Europe.

In its first year as an independent entity, the London market broker Glencairn Ltd unveiled a 47 percent increase in operating income to £14.575mn for 2002.

Bermudian reinsurer Max Re unveiled second quarter earnings of $30.8mn, against a net loss of $5mn for the three months ended 30 June 2002, today (4 August).

Post 9/11 start-up Endurance reported a strident set of half year results last Tuesday, with net income for the second quarter more than doubling to $66.8mn or $0.99 per diluted share from $31.3mn or $0.52 per share for the comparable period last year.

US insurer Markel Corporation has reported strong second quarter results, returning net income of $5.97 per diluted share for the period, against $2.36 per share for the equivalent period last year.

CIGNA’s disastrous reinsurance product VADBEs – which provided reinsurance protection to insurers writing variable annuity death benefits during the late nineties – continues to haunt the insurer.

Wheeler leaves SVB Mark Wheeler, the underwriter of SVB’s liability Syndicate 1007, has left the Lloyd’s insurer.

As ACE Limited announced a solid set of second quarter results, the spectre of asbestos balance sheet threats loomed again amid concerns over the legacy of Brandywine and ACE INA, inherited with the $3.45bn purchase of CIGNA’s p/c operation in July 1999.