August 2008/2

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.

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.

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.

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.

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.

Catlin Group Ltd has posted a good set of results "distorted by poor investment returns that should wash through", according to one analyst.

The acquisition of Lloyd's insurer Talbot is continuing to drive increased profits at "Class of 2005" Bermudian reinsurer Validus Reinsurance Ltd.

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.

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...

Shares in Lloyd's (re)insurer Advent Capital leapt last week after the company effectively rejected a formal takeover approach from its largest shareholder, Fairfax Financial Holdings.

Beazley's underwriting team is set to suffer its second senior staff loss of the summer with the forthcoming departure of commercial property underwriter Alastair Blades to join US insurer W R Berkley.