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February 2007/2

  • Fuelled by its acquisition of GE Insurance Solutions (GEIS), Swiss Re reported a 14 percent increase in business at the January renewals, the equivalent of SFr1.3bn.
  • Endurance Specialty Holdings Ltd booked year-on-year premium growth in excess of 10 percent as it reported 2006 net profits of $498.1mn and record annual return on equity (ROE) of 25.6 percent.
  • Giant Swiss insurer Zurich Financial Services Group (ZFS) has announced Peter Eckert, the group’s chief operating officer, is to retire at the end of the month.
  • John Charman's AXIS Capital Holdings Ltd beat consensus estimates and reported record results for last year on the back of the benign catastrophe season.
  • The first sign of the magnitude of last month’s Florida legislation for reinsurers emerged with Bermudian RenaissanceRe paring back growth targets for 2007 managed property cat reinsurance by 20 percent...
  • Novae Group plc, the UK quoted insurer that has been rebuilding following the devastation caused by its financial and professional indemnity losses between 1997-2002, pleased shareholders today...
  • German reinsurer Hannover Re reported premium growth of 2 percent in its total property and casualty reinsurance portfolio for the January renewals.
  • French reinsurer SCOR has said that following last year’s rating upgrades into the crucial “A” territory it has “largely recovered its shares of business lost in 2002-2003”.
  • The growing interest amongst investors for exposure to the insurance sector has encouraged rating agency Fitch Ratings to form a new group that will rate all forms of insurance-linked securities (ILS).
  • Beleaguered Bermudian reinsurer PXRE is facing termination charges of up to $60mn on cat bonds and reinsurance contracts if, as expected, it goes into run-off.
  • Ironshore Insurance Ltd, the Bermuda-based $1bn insurer formed by the father-and-son team Bob and John Clements at the tail end of last year, has received an A- (Excellent) rating from AM Best.
  • Bermudian firm Max Re Capital reported a fourth consecutive profitable year on the back of record fourth quarter net income.
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