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August 2006/1

  • 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.
  • 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.
  • 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.
  • 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.
  • German giant Allianz has upped its 2006 earnings forecasts following a set of strident second quarter figures that include a 64 percent rise in net profit to EUR2.3bn against analysts' consensus of EUR2bn.
  • Aon Corp has overtaken Marsh Inc to become the world's largest (re)insurance broker by brokerage revenues.
  • Bermudian giant XL Capital last week (1 August) announced the latest step in a series of organisational changes with plans to develop an integrated European platform for its reinsurance operations.
  • The continuing popularity of reinsurance securitisations was reflected this week with news that Bermudian (re)insurer Endurance Specialty Insurance has acquired $235mn of multi-year, collateralised US natural catastrophe reinsurance cover from...
  • US insurer HCC Insurance Holdings reported "record" results on 3 August and at the same time announced its latest acquisition, the medical insurance division of Allianz Life.
  • French giant AXA said it had produced a "strong first half" performance with underlying earnings up 19 percent to EUR2.1bn.
  • An improved performance in the property and casualty division fuelled a 16 percent rise in net income at Swiss Re, when it announced its half-year profits of SFr1.6bn on 4 August.
  • German reinsurer Munich Re announced half-year profits of EUR2.1bn on 3 August, a leap of 143 percent from last year, driven by both strong underwriting and investment returns.
  • Bermuda-based White Mountains Re has reshuffled its management team, with Chuck Chokel, previously managing director and general auditor at parent White Mountains Insurance Group, appointed...
  • Rating agency AM Best affirmed its ratings financial strength rating of A (Excellent) and issuer credit rating (ICR) of 'a' on Lloyd's of London on 31 July.
  • Berkshire Hathaway more than doubled its reinsurance business in the first half of 2006 as it exploited the capacity crunch felt for US property catastrophe business.
  • UK general insurer Royal & SunAlliance (R&SA) announced last week (1 August) the cash acquisition of Irish insurer EGI Holdings Limited for EUR25.3mn (£17.3mn), subject to regulatory approval.
  • Over 60 percent of UK businesses do not have the necessary business continuity management (BCM) plans to protect them in the event of a disaster, according to a survey conducted by Marsh.
  • Aspen Insurance Holdings Limited today (7 August) announced the appointment of Stuart Sinclair as its president and chief operating officer.