August 2008/2

Aon Re Global has announced the appointment of former Guy Carpenter MD and deputy head of its international department Christer Pehrson as executive director.

A forty percent increase in facultative reinsurance revenues for the first half of the year could not prevent overall profits falling at broker Benfield.

Bermudian Endurance Specialty Holdings is building its presence in UK construction insurance with a team headed by former HDI Gerling UK underwriter Simon Challinor.

Hannover Re's operating profit was down 14.4 percent in the first half of 2008 to EUR400mn after being hit by a 24.1 percent fall in investment income in the period as the German reinsurance giant missed analyst targets.

US insurer HCC Insurance Holdings Inc saw its first half profits drop to $173.4mn, compared to $197.9mn in the prior-year period, as the credit crunch took its toll.

Earnings at expansive Bermudian (re)insurer Max Capital Group more than halved in the first six months of 2008, down to $82mn from $174.1mn in the prior-year period, despite a rise in investment income.

A strong underwriting performance propelled "Class of 2005" Bermudian reinsurer Flagstone Reinsurance Holdings Limited to net income of $74.8mn for the first half of the year.

German insurer Allianz Group's net earnings fell 28 percent to EUR1.5bn in the second quarter of 2008, due mainly to a poor result in its banking arm, Dresdner Bank, which reported a EUR566mn operating loss for the period.

RSA Insurance Group plc shares have climbed 13 percent in little over a week after the insurer posted a leap in profits from £237mn to £292mn.

First-time insurance linked securities sponsor Platinum Underwriters Bermuda Ltd has issued a $200mn multi-peril cat bond affording it cover against US wind and quake, European windstorm and Japanese earthquake...

In an active year-to-date for industrial and energy losses, (re)insurers are bracing themselves for another significant claim after a series of explosions at a Canadian propane gas facility yesterday.

CNA Insurance Co and American Reliable are suing Willis for $275mn and $251mn respectively over allegations relating to their placement of toxic Personal Accident spiral and workers' compensation business in 1996-1998.