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August 2009/1

  • Recovering stock markets through the second quarter helped ease the woes of troubled US insurance giant the Hartford Financial Group, as it posted an operating profit that sent its share price up.
  • American International Group (AIG) has turned to another former head of a US insurance giant to chart the troubled waters after last September's government bailout, with the appointment of Robert Benmosche as its new CEO.
  • The big three global brokers saw their stocks trade up last week after the Illinois authorities decided to allow AJ Gallagher to again negotiate contingent commissions with insurers.
  • The Coalition for Competitive Insurances Rates (CCIR), which includes the Association of Bermuda Insurers and Reinsurers (ABIR) as a member, has blasted the proposed Neal Bill introduced in the US House of Representatives on 30 July.
  • French reinsurer Scor's net income for the first six months of the year dropped by 24 percent from H1 2008 to EUR184mn, as investment income more than halved...
  • Jardine Lloyd Thompson (JLT) impressed analysts with strong half-year figures, posting a 16 percent increase in turnover to £309.7mn.
  • Lancashire Holdings expressed surprise at the markedly reduced demand for Gulf of Mexico (GOM) energy wind cover it experienced in the second quarter...
  • The twin pressures of a lingering soft market and recession have pinned back organic growth at global broking giants Aon and Willis.
  • Improved conditions in the financial markets during Q2 helped Validus Holdings regain lost value in its investment portfolio, as strong unrealised gains helped net income climb 81.2 percent...
  • The decision to allow AJ Gallagher to again charge contingent commissions on US retail business showed how polarised the debate over broker remuneration/transparency is, despite the efforts of the New York attorney general in 2004-05.
  • Lloyd's (re)insurer Advent reported increased pre-tax profits of £5.7mn for the first half of the year, compared to £1.6mn in the same period of 2008.
  • As RSA prepares to unveil half-year figures on Thursday (6 August), following strong 2008 results, one analyst has suggested earnings at the UK insurer are set to face "a growing list of headwinds".
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