August 2004/3

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.

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.

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

World’s largest reinsurer Munich Re impressed the markets with analysts’ beating second quarter figures on Friday (6 August). The German-based company reported second quarter earnings of €628mn, up on analysts’ consensus of €528mn, and with earnings fo

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.

Warren Buffett’s investment giant Berkshire Hathaway posted second quarter income down 42 percent to $1.82bn, or $834 a share on last year, largely as a result of lower investment gains, but the group’s insurance operations continue to thrive, contributin

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.

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.

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