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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.
  • 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.
  • 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..
  • Hamilton headquartered reinsurance giant ACE came out ahead of consensus to book a 13 percent increase in operating profit to $443mn, or $1.50 per share, in its latest set of quarterly results. This compared with operating profits of $391mn, or $1.33 per
  • As expected, Bermudian giant XL Capital last week (27 July) reported a 68 percent drop in second quarter earnings as the $191mn pre-tax reserve charge revealed earlier in the month fed through to the bottom line.
  • World's largest insurance broker Marsh & McLennan has announced that it will pay its new chief executive Michael Cherkasky at least $3.5mn in salary and bonus for 2005 under a new three-year employment contract.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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
  • 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.
  • 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.
  • Omega has walked away from a possible bid for fellow Lloyd’s insurer Hardy.
  • Leading Lloyd's IT provider Room Solutions is looking for a buyer, Insider Week can reveal.