August 2007/1
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Lloyd's Franchise Performance director Rolf Tolle has committed to another two years in the role, ending the recent uncertainty over his future.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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Berkshire Hathaway reported second quarter profits up almost 33 percent on the back of the continued strength of performance in its (re)insurance division.
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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...
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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.
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Geoff Bromley, the chairman of Guy Carpenter’s European and Asian operations, is to join Aon, Insider Week can reveal.
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"Class of 2005" insurer Lancashire Holdings Ltd says it has completed the transition from start-up to specialty global insurer by passing recent catastrophe tests to post a hike in half-year profits.
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UK regulator the Financial Services Authority (FSA) has recommended the appointment of policyholder advocates for non-life schemes of arrangement.
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French reinsurer SCOR has increased its ownership to 96.23 percent of Swiss firm Converium Holdings after the second offer period of its takeover.
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Sue Langley, director, Market Operations and North America at Lloyd's has been appointed to the ACORD board.
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Lloyd's insurer Ascot Underwriting is set to open an office in Houston, Texas as it aims to secure locally placed energy business.
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The process of extending the federal backstop to terrorism-related losses took an important step forward when the US House Financial Services Committee voted for an additional 15 years instead of 10, last week.
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The British Insurance Brokers' Association (BIBA) has criticised UK insurers for announcing rate hikes following this summer's floods.
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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.
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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.
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US (re)insurer CNA Financial Corporation's share price tumbled last week, as it announced disappointing second quarter results, including net investment losses of $91mn.
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