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

Aon is set to challenge SBJ’s traditional hegemony for UK professional sports insurance after swooping to recruit two of its brokers.

JLT is to establish a separately branded company to focus on business produced from independent retail sources, particularly in the US.

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.

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

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

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.

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.

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.