August 2004/3

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.

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

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

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

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.

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.

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

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.

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