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.

The Insurance Insider's pre-Monte Carlo Rendez-Vous executive briefing has drawn together a unique set of speakers to discuss "Trading Risk" – and subscribers are being given priority for this free-to-attend event.

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.

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.

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.

Lloyd's insurer Ascot Underwriting is set to open an office in Houston, Texas as it aims to secure locally placed energy business.

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.

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.

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.