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August 2006/1

  • Lloyd's has ruled out creating a fully-fledged US insurance company - an idea that was floated as part of the three-year strategic plan delivered in January.
  • Aon Ltd is set to announce a landmark £230mn+ deal to outsource its entire back office Client Operations division which could eventually provide the framework for a new London market broker process platform, The Insurance Insider can exclusively reveal.
  • Bermudian (re)insurer Endurance announced today (9 August) that Mark Boucher, CEO of its London market operation, is to leave the company with effect from January next year.
  • Beleaguered Bermudian reinsurer PXRE Group admitted it was heading towards run-off after announcing today (8 August) that its net income had slipped to $2.1mn for the second quarter.
  • Bermudian powerhouse AXIS Capital yesterday (7 August) reported record second quarter net income of $223.4mn, or $1.37 a share, up 29 percent on the prior-year period on the back of increased investment income.
  • German reinsurer Hannover Re said today (8 August) it is on target to reach its annual return on equity target of 15 percent, despite producing a relatively modest increase in group net income of 4.2 percent for the first half of the year.
  • Swiss reinsurer Converium continues its recovery with another improved quarterly performance, reporting net income of $62.5mn today (8 August), compared with $46.9mn in the prior-year period.
  • South African broking group Alexander Forbes is thought to be close to a deal on its London based international arm, according to sources.
  • Jardine Lloyd Thompson Group plc (JLT) plans to overhaul its staff pension scheme in a bid to reduce the £146mn deficit which hangs over the company.
  • Willis Group Holdings threw down the gauntlet to rivals MMC and Aon Corp with a solid quarter that included a ten percent organic growth in revenues and details of a new $1bn share buyback programme.
  • Aon Corp was the last of the three global brokers to report its second quarter results last week and they were perhaps the least remarkable.
  • Strong growth from reinsurance was a key positive from MMC's second quarter results, but overall broking revenues were down on falling insurance rates and loss of clients in its European operations.
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