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

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.

Fast growing post-9/11 start-up Endurance reported a 72 percent surge in second quarter net income last week (26 July), booking $114.8mn, or $1.69 a share, compared to $66.8mn or $0.99 a share in the second quarter of 2003.

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.

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

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.

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

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

Royal & Sun Alliance completed its exit of UK life business by selling its closed operations to the “vulture fund” Resolution Life for some £850mn.