August 2005/5

Giant insurer Zurich Financial Services Group (ZFS) reported a strong set of half-year results last Thursday (18 August), prompting ratings agency Fitch to upgrade its financial strength ratings from “A” to “A+”.

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

Australian insurer QBE announced last Wednesday (17 August) a record profit of A$491mn (£207mn) for the first half of 2005.

In a trading update released to the London Stock Exchange this morning (22 August) Lloyd’s insurer Wellington Underwriting has said it expects to exceed market expectations for the first half of 2005.

Recently quoted Lloyd’s insurer Omega Underwriting Holdings Ltd forecast last week that it would make 10-15 percent profit on a capacity of £152mn for 2003.

Lloyd’s insurer Chaucer revealed improved syndicate forecasts for both the 2003 and 2004 years of account, together with positive progress on the current year of account, as it released a trading update last Thursday (18 August).

UK insurer Brit Insurance Holdings plc followed rivals Hiscox and Amlin in releasing a bullish trading statement last Friday (19 August), revealing its forthcoming half-year results will be "materially ahead" of expectations.

Amlin predicts strong first half year Shares in Lloyd’s insurer Amlin Plc rose sharply on 17 August after the company released a better-than-expected trading statement.