February 2006/2

Bermudian (re)insurer Max Re reported an $11.4mn or 20 cents a share, fourth quarter net loss and a full-year net profit of $6.7mn, or 13 cents a share for 2005, primarily as a result of a $129.7mn loss development on a prior-year contract.

Analysts were divided in their reaction to the January renewal season advice that Hannover Re released last Tuesday (7 February) with a EUR11 difference in price targets set on its stock. The German reinsurer summed up this year’s renewal season...

Ewen Gilmour, the chief executive of quoted Lloyd’s insurer Chaucer plc, is set to become the next deputy chairman of Lloyd’s when the Society’s ruling body, the Lloyd’s Council, meet later this week.

Martin Sullivan, the chief executive of insurance giant American International Group (AIG) heralded last week’s $1.64bn regulatory settlement as “a major step forward in resolving the legal and regulatory issues facing AIG”.

XL Capital unveiled its largest ever full-year trading loss at $1.29bn following 2005’s devastating hurricane losses and the adverse Winterthur arbitration decision which cost the Bermudian giant a further $808.9mn.

A $313.9mn net negative impact from Hurricane Wilma hit Renaissance Re’s fourth quarter results with the Bermudian reinsurer reporting a $206.9mn operating loss. For the full year RenRe announced an operating loss of $274.5mn, down from an income...

Chicago-based broker Aon reported a 35 percent rise in net income of $737mn or $2.17 per share, for 2005. In the fourth quarter net income trebled from $81mn, or $0.24 per share, in 2004 to $224mn or $0.65 per share last year...

Broker Willis reported profits of $300mn for 2005, down 30 percent from $427mn the previous year on higher costs and the loss of so-called Placement Service Agreements, or contingent commissions.