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August 2008/2
  • Ratings agencies cautious as XL looks to future
    XL Capital's $3.375bn capital raise and deal with Security Capital Assurance (SCA) has received a cautious welcome from ratings agencies and investors after closing last week (5 August).
    11 August 2008
  • Benfield profits flat as Coporate Risk losses continue; boosts fac business
    A forty percent increase in facultative reinsurance revenues for the first half of the year could not prevent overall profits falling at broker Benfield.
    11 August 2008
  • Max Capital first half profits fall
    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.
    11 August 2008
  • Hannover feels credit crunch; misses profit targets
    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.
    11 August 2008
  • AXIS reduces dependence on big three
    Despite the "extremely competitive market conditions", AXIS Capital's founding chief executive John Charman said the firm's strong second quarter was testament to its underwriting strengths and strategy of diversifying its business relationships.
    11 August 2008
  • Investment losses drive down HCC income
    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.
    11 August 2008
  • Catastrophes take their toll on AWAC
    Worldwide industrial and natural catastrophe losses helped dent Bermudian (re)insurer Allied World Assurance Company Holdings, Ltd (AWAC), which saw net income drop in the first half of 2008 to $210.2mn, against $237.2mn in the prior-year period.
    11 August 2008
  • Dresdner continues drag on Allianz; revises growth target
    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.
    11 August 2008
  • Strong underwriting boosts Flagstone profits
    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.
    11 August 2008
  • Catlin results strong despite investment hits, says analyst
    Catlin Group Ltd has posted a good set of results "distorted by poor investment returns that should wash through", according to one analyst.
    11 August 2008
  • Talbot performance drives Validus profits
    The acquisition of Lloyd's insurer Talbot is continuing to drive increased profits at "Class of 2005" Bermudian reinsurer Validus Reinsurance Ltd.
    11 August 2008
  • Argo rides out storm losses to increase earnings
    Bermudian Argo Group International Holdings posted a first-half profit of $59.9mn for 2008 - a 30 percent increase despite being hit by storm losses.
    11 August 2008
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