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August 2007/1

  • The British Insurance Brokers' Association (BIBA) has criticised UK insurers for announcing rate hikes following this summer's floods.
  • Marsh Inc has appointed Mark Feuer as the new CEO of its US business with responsibility for day-to-day operations.
  • Broker Willis Group Holdings reported net income of $78mn, or $0.54 per share, 8 percent up on the prior-year period in what was described as "another strong quarter" for the firm as it announced its interim results last week.
  • Broking giant Aon Corp said it is again mulling the sale of its underwriting business, Combined Insurance Company of America (CICA), as it announced a 9 percent rise in brokerage revenue for the second quarter.
  • Bermuda's Endurance Specialty Holdings Ltd reported net profits of $135.5mn for the second quarter, more than doubling the $64.1mn it posted in the prior-year period as it continued its drive in specialty business.
  • CastlePoint Holdings Ltd, the Bermudian holding company launched by the US firm Tower Group last year, reported net income of $10.5mn for the second quarter and $17.6mn for the first half of the year.
  • German financial services group Allianz posted a 17.7 percent increase in operating profit to EUR3.3bn for the second quarter of 2007, but reported net income down by 6 percent.
  • US insurers were celebrating last week after a US Court of Appeals overturned a decision in a class action to rule that the industry does not have to pay for the flood damage following Hurricane Katrina in 2005.
  • Sue Langley, director, Market Operations and North America at Lloyd's has been appointed to the ACORD board.
  • Lloyd's Franchise Performance director Rolf Tolle has committed to another two years in the role, ending the recent uncertainty over his future.
  • Earnings fell 11 percent at Bermudian (re)insurer White Mountains Insurance Group, to $103mn, as the group announced what chairman and CEO Ray Barrette described as "OK" second quarter results.
  • Fairfax Financial Holdings controlled US reinsurer Odyssey Re reported a 25 percent decline in its second quarter profits, which fell to $145.5mn from $207.6mn in the prior-year period.