August 2006/4

Australian-headquartered (re)insurer QBE Insurance Group announced on 16 August that its after-tax operating profits were up 20 percent to Aus$591mn for the first half of 2006.

Zurich American Insurance has settled a business interruption claim, stemming from the 2001 World Trade Centre loss, for $80mn with ABM Industries.

Insurance giant Zurich Financial Services (ZFS) last Thursday (17 August) 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.

Leading sports underwriter Sportscover announced on 15 August that it is launching a new Lloyd’s syndicate specialising in covering amateur sports.

Following the resignation of its deputy chairman Michael Murphy last month, Quanta Capital Holdings has suffered further setbacks. The insurance company has suffered a 3.3 percent drop in its shares today (21 August) on top of a 9 percent drop last Friday

Fitch Ratings has affirmed Lloyd's Financial Strength (IFS) rating of A (excellent) with an Issuer Default Rating (IDR) of A-. Both ratings have been assigned a stable outlook.

Embattled life reinsurer Scottish Re Group and its subsidiaries suffered further downgrades from rating agency Standard & Poor’s (S&P) last week.

In a twist on the industry’s current enthusiasm for Cat-linked securitisations, Goldman Sachs has advised on a securitisation linked to assets held by Japan Earthquake Reinsurance (JER), the government backed Cat reinsurer.

Randall & Quilter Group Investment Holdings Ltd, the UK based acquirer of run-off businesses, has acquired Chevanstell Ltd, The Insurance Insider can reveal.

The UK Competition Commission has published a Statement of Issues for its inquiry into Lloyd’s members agency Hampden Private Capital’s acquisition of its rival CBS Private Capital’s advisory business.