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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.
  • The exodus of staff from AIG UK has stabilised, according to the company's CEO Lex Baugh, as it prepares for a fresh start as part of Chartis.
  • 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.
  • Pamplona Capital Management, the Russian-backed private equity firm, is still waiting for clearance from the Financial Services Authority (FSA) to build a pivotal stake in the listed Lloyd's insurer Chaucer Insurance Holdings.
  • 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...
  • While WR Berkley CEO Bill Berkley is confident the sluggish US P&C markets are close to turning, similar positive rate change across each of Traveler’s business segments were not enough to fuel Q2 income growth.
  • Transatlantic Re crowned its transition into a new era of independence with a 6.9 percent Q2 increase in book value per share to reach a record high of $53.57 at 30 June.
  • As commentators digest Q2 figures from the predominantly US and Bermudian (re)insurers reporting last week, attention turns to the Continental European giants, with Swiss Re, Munich Re and Hannover Re preparing to report in the coming days.
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