August 2004/2

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

Ratings agency Fitch has revised its rating outlook for the global reinsurance sector to Stable from Negative.

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.

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

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

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.

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.