August 2004/3

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

In the same week that its parent company Fairfax Holdings released its results, (re)insurer Odyssey Re posted a 39.7 percent increase in post-tax operating income for the second quarter of 2004.

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.

Fast growing Bermudian AXIS Capital announced another set of solid quarterly figures last Wednesday, as it booked $140.9mn, or $0.84 a share net income, a 20 percent increase on the $117.8mn recorded in the second quarter of 2003.

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

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.

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.

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

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