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August 2006/3

  • South African-headquartered broker Alexander Forbes Ltd has reached an £86mn deal with US broker Lockton Companies Inc and private equity firm Stone Point Capital LLC to sell Alexander Forbes Risk Services Holdings, the holding company of its London-based
  • Swiss giant Zurich Financial Services (ZFS) this morning reported half-year net profits of $1.96bn, up 9 percent on the first six months of 2005, and ahead of analysts’ consensus of $1.8bn.
  • Randall & Quilter Group Investment Holdings Ltd, the UK based acquirer of run-off businesses, has acquired Chevanstell Ltd, The Insurance Insider can reveal.
  • Australian-headquartered (re)insurer QBE Insurance Group announced today (16 August) that its after-tax operating profits were up 20 percent to Aus$591mn for the first half of 2006.
  • Sports underwriter Sportscover today (15 August) announced that it is launching a new Lloyd’s syndicate specialising in covering amateur sports.
  • Swiss-based reinsurer Glacier Re has responded to rating agency concerns following last year’s hurricanes by further bolstering its capital base with a $30mn cash injection from existing shareholders.
  • Lloyd's Names will be able to give their views on Hampden Private Capital's acquisition of the Names' advisory business of CBS Private Capital after receiving a questionnaire from the Competition Commission last Friday (11 August).
  • At a time of perhaps unprecedented capacity shortages for Gulf of Mexico energy risks, Willis Group has formed a global energy business designed to deliver a “deep understanding of its clients’ technical and operational needs”.
  • Newly floated Bermudian (re)insurer Allied World Assurance Company Ltd (AWAC) reported an increase in net income from $71.5mn in the second quarter of 2005 to $102.4mn in its first accounting period as a public company.
  • Martin Sullivan, the president and CEO of US giant American International Group (AIG) said the group saw no insurance impact from the terror plot exposed by UK authorities last week.
  • German reinsurer Hannover Re says 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.
  • If Converium can sell-off its discontinued US arm, Converium North America, then it is likely to spark an upgrade by Standard & Poor's back to the longed-for A territory.