February 2006/4

The future of PXRE remains clouded, as the troubled reinsurer reported fourth quarter 2005 net losses of $447mn on the back of deepening hurricane losses, and admitted that it could lose 75 percent of its clients as a result of downgrade triggers.

Munich Re chief executive Nikolaus von Bomhard has said the industry will not end the problems over its reputation while brokers and carriers continue to own significant stakes in each other. Dr von Bomhard said brokers could not say they were...

Lloyd’s chairman Lord Peter Levene branded the US reinsurance collateral system “protectionism” as senior European reinsurance leaders hit out at inaction over scrapping the requirement for so-called “alien” reinsurers to fully collateralise US...

Giant broker Aon has today revealed plans to leave the City for Docklands, with talks ongoing for a new London office at Canary Wharf. The firm said it was in exclusive negotiations with Canary Wharf Group plc, and is seeking around...

Swiss reinsurer Converium is the latest company to report on the January renewal season, pronouncing itself “very satisfied” despite a 3 percent decline in non-life premium volume. During the January renewal season the company wrote...

Arch Capital was one of the few Bermudian (re)insurers to book a 2005 fourth quarter profit as it shrugged off relatively light hurricane losses and reported net profits of $100.9mn, or $1.34 a share – and increase on the $107.1mn or $1.45 a share...

Despite posting a fourth quarter net profit of $30.3mn or 31 cents a share, Aspen Insurance Holdings was unable to turn around a hurricane-struck year, joining a growing band of Bermudians to book a 2005 deficit as it announced a net loss of $177.8mn...

The future of Bermuda’s PXRE is in doubt after the hurricane-decimated reinsurer admitted that it would “explore strategic alternatives” after losing its crucial A- (Excellent) AM Best financial strength rating.

Swiss giant Zurich Financial Services (ZFS) reported a strident set of 2005 figures last Thursday (16 February), delivering record operating profit of $3.95bn – a 32 percent rise on 2004. Net income also increased considerably, by 30 percent to $3.2bn.

Partner Re joined the fourth quarter 2005 loss-makers as it reported a net loss of $33.6mn, or 76 cents a share, compared to a net profit of $143.7mn in the last three months of 2004. The company’s operating loss, stripping out net after-tax...

Bermuda-based (re)insurer White Mountains reported an 87 percent fall in adjusted comprehensive net income for 2005, booking $68mn, compared to $539mn in 2004. The fall was largely due to $288mn after-tax hurricane losses at White Mountains Re...

Bermudian (re)insurer AXIS Capital announced last week (15 February) that one of its founders, Trident II, has put 3,150,000 of the company’s shares up for sale in a block trade. The offering will be underwritten by Banc of America Securities...