August 2008/2

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.

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.

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.

Berkshire Hathaway saw net profits fall by around $1.9bn for the first six months of 2008 after reporting a $952mn loss on financial derivatives for the period and lower underwriting profits.

Marsh & McLennan Companies Inc (MMC) won plaudits last week for its restructuring initiatives after confirming that at least 2,000 jobs will be cut in 2008.

US insurer Allstate is thought to have submitted a bid for Royal Bank of Scotland's up-for-sale insurance division (RBSI) of around £5bn, The Insurance Insider understands.