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August 2004/3

  • UK risk managers association AIRMIC has hit back at the Treasury after it declined to automatically exempt UK risk managers from being regulated by the European Insurance Mediation Directive.
  • 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.
  • World’s second largest broker Aon has reported net income per share of $0.52 with net income from continuing operations increasing to $180mn in its 2004 second quarter results announcement.
  • 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
  • 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
  • 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
  • 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.
  • 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.
  • Senior Willis executives continued to sell their stock in the New York Stock Exchange listed broker, last week.
  • 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.
  • 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.
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