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August 2007/2

  • Bermuda-based (re)insurer Catlin Group reported 29 percent first-half premium growth following its acquisition of Wellington Underwriting, but profits fell as a result of the deal's expenses.
  • Although revenue growth impressed at Benfield Group Ltd’s Corporate Risk business (BCR), shares in the broker fell as the John Lapsley-headed division reported a trading loss of £4.6mn for the first half of 2007.
  • The continued pressure on rates has dampened Kiln plc’s premium growth with the (re)insurer confirming plans to reduce its participation in the Lloyd’s market.
  • Canopius Group Ltd has become the latest Lloyd’s insurer to launch a Bermuda platform with the formation of Canopius Bermuda Ltd, a class 3 reinsurance company with $250mn of capital.
  • Tim Mahoney has become the latest senior executive to make the switch from Marsh Inc to rival firm Integro Ltd as it continues to raid Marsh & McLennan's companies.
  • Insurer Brit Holdings plc has reported flat first half profits of £106.8mn following a drop in underwriting profits in the “difficult” UK market.
  • Oxygen Holdings plc, the independent London-based intermediary, has acquired Lloyd's broker Robertson Taylor.
  • Amlin plc is now expected to deliver consensus-beating results and its interims this morning proved no exception as the Lloyd’s insurer posted a 54 percent leap in first half pre-tax profits to £154mn.
  • Recently-listed European reinsurer Paris Re suffered a drop in profits after exposure to 2007’s catastrophes negatively impacted its bottom line.
  • The leap in gross written premiums at French reinsurer SCOR Group following its acquisition of life reinsurer Revios has driven a 77 percent increase in net income to EUR181mn during the first half of 2007.
  • Three months into the 2007 hurricane season, the first Re-Ex Index catastrophe derivative has gone through on the New York Mercantile Exchange (NYMEX).
  • The current crisis in the money markets has led to insurers cancelling planned debt issues, The Insurance Insider can reveal.