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”.

Capita Insurance Services, part of the UK outsourcing giant, Capita Group plc, announced on 10 August that it had secured a deal to process claims for Chaucer Syndicates.

Distressed insurance company Quanta Capital Holdings Ltd revealed a $42.9mn loss for the second quarter and said it was talking to its bankers after defaulting on its credit facility following the rating downgrades earlier this year.

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.

Bermudian powerhouse AXIS Capital 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 on 7 August.