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.

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.

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.

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 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.

Bermudian (re)insurer Aspen Insurance Holdings has announced net income of $80.9mn, or $1.13 per diluted share, for the second quarter of 2004.

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.

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.

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