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August 2005/1

  • The honeymoon period for new Aon chief executive Gregory Case continued today (3 August) after shares in the broking giant soared 16 percent on a strong second quarter.
  • French aviation insurer La Reunion Aerienne is understood to be the lead insurer of the Air France passenger jet that crash landed in Toronto yesterday in atrocious weather conditions, according to sources.
  • But filings reveal extent of contingent commission loss
  • Investors rarely react well to steep profit falls, but shares in UK headquartered broker Jardine Lloyd Thompson group plc climbed 5.5 percent last week despite a 29 percent slump in trading profits.
  • A devastating fire totally destroyed a vital oil platform off India’s west coast on Wednesday (July 25) and killed at least 12 people.
  • Start-up broking outfit Integro continued its roll-call of new employees this week, announcing the appointment of John Zaffino, John (Jack) Green, and Gregory Sinnott from rival Willis to its New York office.
  • Australian reinsurer QBE has bought National Farmers Union Property and Casualty Co (NFU), a small US insurer, for about $140mn in order to boost premium income.
  • Jardine Lloyd Thompson group plc plans to separate its reinsurance division into a new trading operation, JLT Re, that will begin trading next year as the broking group continues its drive to grow its reinsurance market share.
  • Bermudian post-9/11 start-up Endurance last week (26 July) announced second quarter net profit of $110.0mn, or $1.67 a share – marginally down on the $114.8mn or $1.69 a share earned in the prior-year period.
  • Wellington spin-off Aspen Re last week (27 July) reported second quarter net earnings of $83.8mn, or $1.16 a share, marginally ahead of the $80.9mn booked in the same period last year.
  • Bermuda’s Arch Capital Group Ltd reported second quarter net income of $126.0mn or $1.69 a share, an increase over the $104.3mn or $1.42 a share recorded in the same period last year as the company benefited from improved investment returns.
  • On the face of it, the scrutiny surrounding RenaissanceRe and its chairman and CEO Jim Stanard failed to halt the Bermudian’s progress in the second quarter of 2005 as it reported $172.0mn net income and $170.4mn operating income –up on the $148.1mn and..
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