August 2005/4

GoshawK – the parent company of Bermudian reinsurer Rosemont Re - issued a profits warning today as exposures from recent catastrophe losses continue to grow.

49-year-old Spiller will begin his new role on 1 January 2005, he will be based in New York and report directly to Guy Carpenter chairman and CEO, Sal Zaffino.

Specialist insurance services organisation Axiom Consulting has agreed a major deal to supply an outsourced accounting facility to London-based insurer Canopius.

Royal & Sun Alliance (R&SA) continued its positive 2005 last week, posting IFRS net profits for the half-year of £195mn, more than double the £82mn posted for the same period in 2004.

Second quarter net profit was up 6 percent at German reinsurer Hannover Re as the firm benefited from increased earnings on premiums, lower taxes and less claims related to natural disasters.

George P Reeth, president of Willis North America has resigned with immediate effect.

The Cypriot jet that crashed in Greece Sunday (14 August) morning was insured in the London market for an estimated $30mn.

Troubled insurance giant American International Group (AIG) posted another “back to business” set of earnings last week which included a 50.1 percent increase in second quarter net income.

Ratings agency Standard & Poor’s (S&P) has upped its outlook on broker Aon to stable from negative, while reaffirming the company’s “BBB+/A-2” counterparty credit rating.

Swiss reinsurer Converium came out ahead of expectations on 9 August to post a second quarter net profit of $70.8mn, against a net loss of $660mn in the same period of 2004.

Art Coleman has left run-off specialists Global Resources Managers (GRM) to set up his own operation, taking a number of colleagues with him, Insider Week understands.

Jeremy Fall, the managing director of (re)insurance consultants Chiltington International, has left the group to form a new run-off advisory firm, Quest Consultants.