August 2009/1

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.

Jardine Lloyd Thompson (JLT) impressed analysts with strong half-year figures, posting a 16 percent increase in turnover to £309.7mn.

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...

Brit Insurance Holdings said it was enjoying organic growth in its three main trading divisions, while again reassuring investors on the development of its sub-prime/financial liability exposures.

Shares in Novae Group traded down last week after the Lloyd's insurer posted a £2.1mn loss for the first half, driven by a £26mn hit from aviation reinsurance and credit insurance claims...

US insurance premiums are still under pressure as demand falls in the ongoing economic difficulties, according to the latest authoritative survey by the Risk and Insurance Management Society (RIMS).

Cooper Gay acquires 100% of Brazilian arm; QBE to acquire Elders; RK Harrison announces restructure...

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.

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 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.

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.