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August 2005/2

  • George P Reeth, president of Willis North America has resigned with immediate effect, The Insurance Insider can reveal.
  • US insurer Hartford Financial Services Group Inc announced a 39 percent rise in quarterly profits due to a strong underwriting performance in its property-casualty operations.
  • The honeymoon period for new Aon chief executive Gregory Case continued last week after shares in the broking giant soared 17 percent following a strong second quarter.
  • Standard & Poor's (S&P) raised SCOR’s rating from “BBB+” to “A-“ last Monday (1 August), marking another step towards a position of profitability and stability for the France-based reinsurer.
  • Bermuda’s youngest (re)insurer Quanta reported an increase in year-on-year net income for the second quarter of 2005 from $1.8mn or $0.03 a share, to $8.5mn or $0.15 a share.
  • Bermudian post-9/11 start-up Axis Capital announced a strident set of second quarter results last Tuesday (2 August), as net income increased year-on-year from $140.9mn or $0.84 a share, to $172.8mn or $1.13 a share – primarily driven by its...
  • The legal team of former AIG CEO Maurice “Hank” Greenberg has published a “white paper” critiquing the company’s restatement of its 2004 results.
  • French aviation pool La Reunion Aerienne has confirmed it is the lead insurer of the Air France passenger jet that crash-landed in Toronto on 2 August in atrocious weather conditions.
  • An increase in casualty and asbestos reserves at a US unit has forced a 74 percent drop in second quarter profits at world’s largest reinsurer Munich Re.
  • Hamilton-headquartered Max Re reported a significant year-on-year increase in second quarter net profits from $12.6mn or $0.26 a share, to $22.3mn or $0.45 a share for the three months ended 30 June 2005.
  • Thirteen people were confirmed to be dead after a passenger plane was forced to crash-land in the Mediterranean off the coast of Sicily on Saturday (6 Aug).
  • US insurer Markel Corporation last week (1 August) reported net profits up for the second quarter and first half of the year, despite cutting back on premium volume.