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.

Dutch banking and insurance group ING said last week that its operating profits for the second quarter of 2004 rose 35.2 percent to €2,796mn, helped by strong results at its banking arm.

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.

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

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

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.

US insurer The Hartford reported strong second quarter results, as a $118mn after-tax casualty reinsurance recoverables charge was more than outweighed by performance in its property casualty division and the continued strength of its life operation.

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.

Bermudian-based start-up Quanta Capital Holdings reported its maiden net profit last week (2 August), booking $1.8mn, or $0.03 net income a share for the second quarter of 2004, compared to a $4.5mn net loss in the first quarter of the year. Excluding net

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.