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.