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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.
  • A US court gave a green light last week for a class action lawsuit to proceed against the giant broker Aon over allegations that the firm breached its fiduciary duties by not disclosing hidden commissions.
  • The Lloyd’s consolidation vehicle Capital Insurance Holdings postponed its Alternative Investment Market float last week after failing to attract sufficient support from UK investors.
  • It was a litigation double whammy for telecom giant Cable & (C&W) last week with the opening skirmishes in London’s Royal Courts of Justice of two commercial actions relating to its former captive insurer Pender Ltd.
  • JLT is to establish a separately branded company to focus on business produced from independent retail sources, particularly in the US.
  • 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 “class of 2001” reinsurer Montpelier Re announced another strong set of quarterly results last Tuesday (27 July), and revealed that chairman, president and CEO Tony Taylor’s tenure will be extended for a further three years up to the end of 2007
  • Bermudian Max Re today (2 August) announced second quarter earnings below analysts’ expectations as investment income fell short of target.
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