August 2004/3

The UK Treasury has published its proposals for implementing the Insurance Undertakings – Annual and Consolidated Accounts Directive, which will make changes to Lloyd’s accounting regime.

Carve-out losses continue to haunt CNA Reinsurance Company took a further $18mn reserve charge in its 2nd quarter results for ongoing workers compensation exposures written on the IGI programme between 1997-1999.

Bermudian (re)insurer Aspen Insurance Holdings has announced net income of $80.9mn, or $1.13 per diluted share, for the second quarter of 2004.

Canadian financial services holding company Fairfax Holdings has reported a 74 percent fall in second quarter profits against the same period in 2003 when the company recorded big investment gains.

Senior Willis executives continued to sell their stock in the New York Stock Exchange listed broker, last week.

On 29 July it was the turn of insurer CNA to post its results for the second quarter of 2004.

Specialty insurer Houston Casualty Company (HCC) said its profits had risen steeply in the second quarter of 2004 on the back of higher premiums and commission income.

On 4 August Platinum Underwriters said net profits for the second quarter of 2004 had reached $49.8mn, or $1.01 per share, against $26.6mn, or 57 cents per share for the second quarter of 2003.

In its debut reporting as a combined entity, merged US insurer The St Paul Travelers Companies announced a second quarter loss last Wednesday (4 August), after concluding its recently revealed $1.587bn pre-tax reserve adjustment would have to be charged a

Lloyd’s specialty property and casualty insurer Markel International has become the first insurer of 2004 to sign up to the Kinnect Platform.

Talbot Underwriting, the private equity backed Lloyd’s insurer, has continued to bolster its management team by announcing last week that XL’s London Market managing director Gilles Bonvarlet will join the group later this year as chief operating officer.

Bermudian PXRE continued its drive to become a Cat and Risk Excess only reinsurer as it reported second quarter net income up 51 percent, but revenues and net premiums down 20 and 17 percent respectively, with the withdrawal from the last of its Finite ri