February 2005/4

Fast growing post-9/11 start-up Endurance last Wednesday (16 February) reported 2004 profits well up on the previous year as it shrugged off the impact of the season's catastrophe losses.

A strong 2004 for Texas-based HCC Insurance Holdings saw its profits from ongoing operations grow by 45 percent from $106.9mn, or $1.66 a share, to $159.0mn, or $2.41 a share, with overall net earnings increasing from $143.6mn, or $2.23 a share, to $163.0

Refocused Bermudian property catastrophe (re)insurer PXRe reported full year 2004 profits more than 75 percent down on 2003 as strong fourth quarter performance failed to reverse the devastation of a third quarter struck by hurricane and typhoon losses.

Post-9/11 start-up Arch Capital last Monday (14 February) reported 2004 net profits of $107.1mn, or $1.45 a share for the fourth quarter and $316.9mn or $4.37 a share for the full year, compared to $83.7mn or $1.22 a share and $280.6mn or $4.14 a share re

The first signs of protest over ACE Ltd’s proposed sale of its asbestos reinsurance exposures to run-off company Randall & Quilter Investments Holdings Ltd occurred last week when four of ACE’s rivals protested to the Pennsylvanian insurance regulator.

The biggest fire in Madrid’s history caused estimated damage of $108mn, according to reinsurance broker Guy Carpenter. The fire gutted a 32-floor skyscraper in the Spanish capital’s finance district on 12 February. Madrid’s fourth tallest building, the Wi

QBE revealed last week that it has appointed Andrew McBride to the newly created role of Claims Director to its European Commercial division.

Heath Lambert Group has announced the appointment of Nigel Godwin as executive director within its Major Accounts Group.

A strong final quarter from “Class of 2001” alumni Montpelier Re failed to prevent its full year profits from slumping from $407.1mn in 2003 to $240.3mn in 2004.

Max Re announced on 4 February that 2004 full year net income was up from $120.6mn to $133.7mn, or $2.75 a share, as fourth quarter profits rose from $36.4mn for the three months ended 31 December 2003, to $87.1mn for the last quarter of 2004.

World’s largest reinsurer Munich Re turned 2003’s €434mn loss – its first loss since WWII – into an impressive €1.8bn profit for 2004 on the back of a strong recovery in its ERGO primary insurance unit.

A UK court has ruled that insurers will have to pay compensation to thousands of people with pleural plaques, the scarring on the lung lining that indicates exposure to asbestos.