January 2006/6

US insurer Markel weathered a record hurricane season to report full-year profits just 10.5 percent down for 2005 from $165.5mn in 2004 to $148mn. Net income per share dropped to $14.80 for 2005, but the figure was significantly...

Sovereign Risk Insurance Ltd – the political risk joint initiative between Bermudian giants ACE Ltd and XL Capital Ltd – will become wholly owned by ACE from 1 February. XL Capital explained the decision was part of the group’s...

Latest estimates from the Insurance Services Office’s (ISO) Property Claims Service (PCS) of $56.8bn in insured property losses would confirm 2005 as a record year for payouts. The figure is more than double the previous record, set in 2004...

Broking giant Aon has said it intends to withdraw from business in Iran after concerns were raised by one of its major investors, New York City Pension Funds. The New York Comptroller William Thompson had questioned the broker’s...

Bermudian Arch Capital announced on 26 January that it is to raise $200mn through a sale of Preferred Shares. The company stated that the purpose of the offering was to fund underwriting activities at its (re)insurance subsidiaries.

Hurricane-scarred US insurer Allstate plans to slash up to 700 jobs at its Northbrook headquarters as part of a cost-cutting exercise. The move comes in the aftermath of a record third quarter loss taken by the company as a result of...

US insurer The Hartford announced record 2005 net income of $2.3bn, or $7.46 a share, despite the year’s record industry hurricane losses. The figures were up by 8 percent and 5 percent respectively on 2004 results of...

US insurer The Hartford is appealing a summary judgment in favour of London market reinsurers, including Lloyd’s syndicates, in an attempt to recover $117mn relating to claims it settled with bankrupt asbestos distributor MacArthur in a...

Freezing weather conditions in Europe have killed dozens from exposure, caused a building to collapse in Poland and wreaked havoc on roads over the last week. The extreme weather conditions hit the (re)insurance sector at its most nervous...

Reinsurer Platinum Underwriters Holdings announced last Thursday (27 January) the appointment of Robert Porter as CEO of its Bermudian subsidiary Platinum Underwriters Ltd. Porter moves over from Platinum’s UK reinsurance operation...

The decision last week by Lloyd’s to close its electronic trading platform Kinnect after spending £70mn+, and almost five years of development time, was not entirely unexpected, but has left a vacuum in terms of driving process...

XL Capital last week (26 January) announced it has appointed Eileen McCusker as chief operating officer (COO) for the UK and Ireland. McCusker, who has spent 15 years at XL, will report to XL Insurance...