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February 2005/5

  • Australian insurance company QBE announced record after tax 2004 profits of A$820mn last Thursday (24 February), an increase of 43 percent on the A$572mn it made in the previous year.
  • Growing losses from last autumn’s hurricanes contributed to property catastrophe specialist IPC Re reporting lower than expected fourth quarter results last Tuesday (22 February).
  • Bermudian Platinum Underwriters Holdings, the parent company of St Paul spin-off Platinum Re, last week (22 February) reported 2004 net income of $84.8mn or $1.81 per diluted share, down $60mn on the previous year, as the impact of record natural catastro
  • After a tumultuous six months, the Board of directors of Swiss reinsurer Converium have replaced chief executive Dirk Lohmann with the company’s managing director Terry G Clarke.
  • Max Re’s decision to focus more on traditional reinsurance has inspired the reinsurer to reshuffle its senior management. Former ART vice-president John Doucette has been appointed president and chief underwriting officer of Max Re Ltd’s reinsurance divis
  • London Stock Exchange quoted reinsurer Alea Group Holdings has removed its group underwriting director and US operation chief executive in a management reshuffle weeks before it is due to publish its 2004 results.
  • Bermudian RenaissanceRe reported 2004 net operating income of $110mn, well down on the restated $525mn booked in 2003, as the impact of the devastating hurricane season hit home.
  • Lloyd’s insurer SVB Holdings Plc has drawn-down a further £32.4mn from the special £103.6mn group reserve it established last year to absorb mounting losses from its syndicates’ legacy US casualty exposures.
  • D&O insurers’ willingness to void cover for one of the most common source of claims – exposures arising from financial restatements which then spark securities class actions – has led Chubb Insurance Company to apply to a Canadian Court to rescind its cov
  • Simon Clapham, the active underwriter of Brit Syndicate 2987, left Brit Insurance Holdings last week.
  • (Re)insurance broker Cooper Gay announced record results this month (17 February) with total income up 3 percent to £52.1mn and pre-tax profits increasing by more than 2 percent to £8.3mn.
  • Promina, the spin-off of Royal & Sun Alliance’s Australasian operation, reported a 53.7 percent increase in pre-tax net profit to A$458mn in its first full year as a standalone company.
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