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.

Broker Willis has had its licence reinstated to accept new business in Guangzhou, China.

Standard & Poor's (S&P) affirmed its affirmed its “BBB” counterparty credit and financial strength ratings on Fairfax Holdings operating insurance companies and its “BB” counterparty credit ratings on Fairfax and Crum & Forster this week.

The London-based Cooper Gay Group have teamed up with Michael W Cashman to form a new reinsurance brokerage firm that will focus on the North American Treaty Reinsurance Brokerage market, Cooper, Gay and Cashman.

German insurer Allianz AG announced a strong Q2 group profit last week after being boosted by a much-improved performance from its troubled banking arm.

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.

Nicholas Gooding, head of underwriting review at Wellington Underwriting, has resigned from the Lloyd’s insurer, Insider Week can reveal.

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.