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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.
  • 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.