August 2004/3

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.

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.

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.

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

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 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

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