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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.
  • 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
  • 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.
  • 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.
  • 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.
  • 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
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