February 2005/3

Italy’s largest insurance company Generali said group premium turnover rose 13.6 percent last year to EUR56.3bn.

Post 9/11 Bermudian powerhouse Axis Capital saw a 13 percent increase in its fourth quarter net income, according to its latest earnings statement.

US insurer CNA surprised its cassandras with an upbeat fourth quarter which included a 75 percent rise in profits.

Swiss Re echoed the upbeat message of Hannover Re today (14 February) with chief financial officer Ann Godbehere saying: “The hard market is definitely not over”

Bermudian giant XL Capital had its positive fourth quarter and year-end earnings release marred last week by an announcement from rating agency Fitch that it may slash the company’s debt ratings.

Fallout from WTC litigation continued apace last week when a federal appeals court ruled that the janitorial service for the buildings destroyed in the 9/11 attacks could claim as much as $127mn from Zurich American Insurance Co on its business interrupti

Both Aon Corporation and Willis Group Holding Ltd – the second and third largest global brokers respectively – demonstrated the ongoing cost of the investigations into broker compensation practices when announcing their 2004 financial results last week.

World’s largest insurer AIG said last week that its fourth quarter results included a net post-tax charge of $126.9mn, or $0.05 per share, in connection with late reported losses from hurricanes and typhoons in the third quarter.

David Priebe, the president of Guy Carpenter Europe, has replaced Keith Fenwick as the chief executive of Guy Carpenter’s UK operations.

Later this week, the reinsurance industry will finally discover the impact last year’s reserving woes have had on Converium’s business.