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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.
  • Despite the fact it was the third-most intense Atlantic hurricane to make landfall since records began Hurricane Dean's "extraordinarily fortunate track" left (re)insurers facing only modest losses.
  • Insured losses from Hurricane Dean will be in a range of $0.75-1.5bn, substantially less than first feared due to the storm’s “extraordinarily fortunate track”, according to modelling firm Risk Management Solutions (RMS).
  • French reinsurer SCOR Group has revealed a 55 percent increase in its gross written premium during the first half of this year, primarily driven by its acquisition of the life reinsurer Revios.
  • Shares in Hiscox Ltd increased over 5 percent this morning after the company was propelled to a record half-year profit before tax of £105.6mn, up 72.1 percent, by the stellar performance of its Global Markets division.
  • The European Commission (EC) is set to launch a probe into the role of rating agencies over their response to the US sub-prime mortgage crisis, according to reports.
  • Lloyd’s investment vehicle Hampden Underwriting plc (HUP) is planning an August float on the London Stock Exchange’s Alternative Investment Market (AIM) in a bid to raise £15mn.
  • Newly-listed Bermudian (re)insurer Validus Holdings’ reported strong inaugural results as a public company yesterday.
  • “Class of 2005” start-up Flagstone Reinsurance Holdings Ltd unveiled a second sidecar as it reported Q2 profits hit by $31mn losses from the UK floods in June and $23.5mn from the Australian storm and flooding.
  • The Travelers Companies and The Hartford Financial Services Group both resolved legacy disputes in July, and reported strong second quarter results.
  • Bermudian giants ACE Ltd and XL Capital announced catastrophe charges of $88mn and $30mn respectively for the UK, US and Australian floods in their Q2 results.
  • Not even RenaissanceRe Holdings Ltd was immune to the late July/early August share sell-off, despite upping estimates for catastrophe reinsurance business after writing more premiums than expected in the first half of the year.
  • Worst hit by the dual impact of second quarter cat losses and the stock market slide was IPC Holdings, as it followed a July profits warning with confirmation of second...