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August 2004/2

  • Bermudian XL Capital delivered record first half results last Wednesday (28 July), with second quarter net income of $363.6mn, or $2.62 per share, also a record for the period, and the second most profitable quarter ever for the company, following on from
  • Broker Willis Group Holdings has announced the launch of its Japan Global Retail Practice Group.
  • Ratings agency Fitch has revised its rating outlook for the global reinsurance sector to Stable from Negative.
  • Despite strong underwriting results, fast growing Bermudian-based (re)insurance group White Mountains saw its second quarter earnings hit by rising interest rates, as $139mn of after-tax unrealised losses on its fixed income portfolio contributed to a $38
  • High performance Bermudian outfit Renaissance Re smashed analysts’ consensus estimates for the second quarter as it reported operating earnings per share of $2.00, against a projected $1.65, driven by strong underwriting results and favourable reserve dev
  • Bermuda’s Partner Re reported operating earnings of $104.9mn, or $1.93 for the second quarter, up from $89.9mn, or $1.67 a share in the same quarter of 2003.
  • Bermudian Max Re today (2 August) announced second quarter earnings below analysts’ expectations as investment income fell short of target.
  • Virginia-based insurer Markel Corporation saw a marginal improvement in earnings per share for the second quarter 2004 as it reported net income per share of $5.99, compared to $5.97 for the same period last year. Combined ratio across the group improved
  • US (re)insurer Chubb announced estimate beating results last Tuesday, with second quarter net income up 41 percent to $356.1mn, and net income per share up 28 percent to $1.85.
  • Bermudian Arch Capital announced strong second quarter results last Thursday (29 July), booking net income for the second quarter of $104.3mn, or $1.42 a share, against $61.8mn, or $0.91 a share for the comparable quarter last year.
  • Bermudian headquartered giant ACE reported healthy second quarter figures last Tuesday (27 July) with operating earnings of $380mn, or $1.29 a share, marginally up on consensus analysts’ estimates of $1.25, and 33 percent higher than the $286mn or $1.01 a
  • In its initial review of the aggregate statistics of the UK non-life primary market Ratings agency AM Best has said that, as expected, 2003 saw a modest continuation of the improvement in underwriting results seen since 2000. According to company regulato