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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.
  • 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 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
  • 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.
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