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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.
  • The number of convicted industry professionals following New York attorney general Eliot Spitzer’s investigations into the US insurance industry grew to 15 last week following five more guilty pleas over fraudulent conduct.
  • 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).
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