• X
  • LinkedIn
  • Email
  • Show more sharing options
  • Copy Link URLCopied!
  • Print
  • X
  • LinkedIn
  • Email
Insurance Insider is part of the Delinian Group, Delinian Limited, 4 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 00954730
Copyright © Delinian Limited and its affiliated companies 2024

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

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...
  • 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.
  • German giant Hannover Re has completed a EUR100mn securitisation with a transfer of life insurance risks into the international financial markets. The transaction, known as the L6 securitisation, covers individual unit-linked policies from Germany...
  • 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...
  • 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.
  • US insurer WR Berkley Corp reported full-year net income of $545mn, or $4.08 per share, a 24 percent increase from $438mn, or $3.31 cents per share, for 2004. Results for the final quarter of 2005 were even more impressive, with a...
  • Chicago-based insurer CNA Financial posted a fourth quarter net loss of $217mn, or 92 cents per share, down from a net profit of $303mn, or $1.11 per share, in 2004. The company was hit by $223mn in commuted reinsurance contracts and...
  • Transatlantic Holdings, the parent of Transatlantic Re, has announced 2005 net profits of $37.9mn, down from $254.6mn in 2004 after booking a fourth quarter net profit of $13.5mn, compared to $98.9mn in the prior-year period. Like many of its peers...
  • 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...
  • Post-9/11 (re)insurer Endurance reported a 2005 net loss of $220.5mn, or $3.60 a share, a reversal of the $355.6mn, or $5.28 per share net profit made in the previous year, as it shared the hurricane-hit woes of its compatriots.
  • 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...
  • 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...
  • 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...
  • Montpelier Re – one of the (re)insurers worst hit by last autumn’s storms – has reported a 2005 net loss of $752.9mn, or $10.49 a share, dramatically reversing the $240.3mn or $10.92 a share net profit made in the previous year.
  • A letter written by broker JLT Group’s then chief executive Steve McGill in March 2002 expressing concerns over the management of Cable & Wireless’s (C&W) captive insurer Pender Insurance is thought to have become a significant factor in the settlement...
  • Lloyd’s insurer Atrium Underwriting gave an upbeat trading statement on 16 February with a mix of good results, lower storm loss estimates and predictions of positive conditions for the year ahead. Results exceeded forecasts for 2003, with a...
  • 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...
  • Giant insurer American International Group (AIG) has terminated its relationship with CV Starr owned agencies Starr Technical Risks Agency and its subsidiaries (Starr Tech). The move comes amid a court battle over whether four insurance agencies...
  • Arab Insurance Group (ARIG) reported an 82 percent rise in net profits last year to a record of $48.2mn, up from $26.5mn in 2004. The record profit represents a 19.5 percent return on average shareholders’ equity, with the board of directors...
  • Lloyd’s broker RFIB Group has opened a representative office in Dubai as it aims to expand in the Middle East. RFIB has over twenty years experience of marine and non-marine business in the region and says it regards a permanent local presence key...