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August 2007/1

  • Lloyd's Franchise Performance director Rolf Tolle has committed to another two years in the role, ending the recent uncertainty over his future.
  • 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.
  • Bermudian firm RenaissanceRe Holdings Ltd (RenRe) has upped its estimates for catastrophe reinsurance business after writing more premiums than expected in the first half of the year.
  • US insurer Markel Corp posted second quarter net profits of $121mn or $12.15 a share, up from $90.4mn or $9.11 a share in the prior-year period, as it announced plans for its Lloyd's operation to open up a Singapore office.
  • German reinsurer Hannover Re recorded a relatively light impact from second quarter cat losses as it posted operating profits up 15.8 percent to EUR467.7mn for the half-year, despite a 10.4 percent fall in gross premium volume.
  • Italian insurance giant Generali reported a healthy 27 percent rise in first-half profits and the sale of its Nuova Tirrena unit to Groupama last week.
  • 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.
  • Last week saw the first trade of a catastrophe options contract using the Re-Ex index developed by broker Gallagher Re with commodities exchange NYMEX in an over the counter (OTC) transaction.
  • 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.
  • Berkshire Hathaway reported second quarter profits up almost 33 percent on the back of the continued strength of performance in its (re)insurance division.
  • In a further sign of the relatively low impact of June's UK floods on the major European reinsurers, Munich Re reported a second quarter hit from major losses of EUR111mn as it posted flat net profits of EUR2.1bn for the half-year and raised...