August 2005/2

George P Reeth, president of Willis North America has resigned with immediate effect, The Insurance Insider can reveal.

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.

Lloyd’s has warned its franchisees to expect the Central Fund levy to double next year from a current 0.5 percent of capacity to 1 percent as the Society looks to bolster its financial strength.

Warren Buffett’s Berkshire Hathaway confirmed last week that Milan Vukelic, the former chief executive of General Re’s London market arm Faraday Group, was dismissed in July following regulatory investigations into finite reinsurance transactions...

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.

British Aviation Insurance Company (BAIC) is to appeal against the High Court’s decision to prevent the company setting up a solvent scheme arrangement in a case seen as having far reaching implications for insurance run offs.

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.

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.

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.