February 2006/4

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.

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...

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...

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...

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...

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...

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...

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...

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...