August 2006/1

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.

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.

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...

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 conflict in Lebanon has prompted London market cargo underwriters to increase additional premiums by as much as triple on shipments to Israel, according to Aon Corp.

French giant AXA said it had produced a "strong first half" performance with underlying earnings up 19 percent to EUR2.1bn.

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.

GCFac, the facultative arm of reinsurance broker Guy Carpenter, has bolstered its ranks with the launch of a structured risk team headed by former Jardine Lloyd Thompson (JLT) broker John Lobek.

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.

Over 80 percent of brokers believe that maintaining profit throughout the insurance cycle is still the greatest challenge for the insurance industry.

Bermudian life reinsurer Scottish Re was hit by a $130mn operating loss, a slew of downgrades, the collapse in its share price and two senior resignations last week.

Heritage Underwriting Agency plc has become the latest specialist Lloyd's insurer to list on London Stock Exchange's Alternative Investment Market (AIM) after trading in its shares began last week.