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.

American insurer WR Berkley Corp announced a second-quarter earnings increase of 26 percent last Monday (25 July) and confidently predicted high returns into 2006.

US insurer Allmerica Financial Corp, announced last week that second quarter profits had more than doubled on the back of strong growth in the company's property and casualty segment.

CNA Surety Corporation has announced that it made a net loss for the second quarter of 2005. The loss of $11.9mn, or 28 cents a share, compared to net income of $10.2mn, or 24 cents a share, for the same period last year.

A benign quarter for catastrophes and strong investment returns has helped propel US insurer St Paul Travelers (STA) to a record second quarter profit of £1.07bn.

Bermudian reinsurer PXRE has announced growth in net income to $43.5mn, or $1.30 per diluted share, compared to $32.3mn, or $1.20 per diluted share, in the second quarter of 2004.

Helped by a 6 percent increase in net premiums written to $3.1bn, US insurer Chubb saw operating profits rise to $461mn, or $2.28 per share, from $341mn, or $1.77 a share, for the year earlier period.

Property catastrophe specialist IPC Re last week (26 July) reported net income of $64.1mn or $1.32 a share, down on the $74.1mn or $1.53 a share booked in the second quarter of 2004.

Bermudian reinsurer PartnerRe said it expects to write 5-10 percent less business in this year than in 2004, as it reported second quarter 2005 net income of $159.9mn or $2.72 a share, up from $119.8mn or $2.12 a share in the same period last year.

Montpelier Re Holdings Ltd has reported net income of $108.7mn, or $1.62 diluted earnings per share, for the three months to June 30, 2005 and net income of $183.2mn, or $2.72 diluted earnings per share, for the half of 2005

Everest Re reported stable second quarter operating income last week (25 July), earning $173.3mn or $3.03 a share, compared to $174.4mn or $3.07 a share in the prior-year-period.