July 2003/5
-
US giant insurer AIG has announced sturdy second quarter 2003 figures with profits up 26.4 percent to $2.28bn, against $1.80bn for the same period last year. The six monthly showing saw net income totalling $4.23bn, up from $3.78bn last year.
-
Bermudian (re)insurer Everest Re reported a striking increase in net income last Tuesday, the second quarter up 105.1 percent to $109.6mn from $53.4mn last year.
-
Shares in US casualty specialist WR Berkley are again close to its 3 July 52 week high of $54.02 after the insurer unveiled consensus beating half yearlies.
-
US insurer St Paul announced last Friday the second quarter earnings impact of a previously disclosed surety exposure. The charge will amount to $86mn pretax and $56mn after tax, equivalent to $0.23 per diluted share.
-
The Financial Services Authority has responded to fears that companies and individuals are insuring themselves against fines for misconduct by proposing to ban the provision of such cover.
-
Embattled Bermudian captive and fronting manager Mutual Risk Management Ltd has ratified its scheme of arrangement with creditors.
-
Last week saw increased speculation that slimmed down UK general insurer Royal & Sun Alliance (R&SA) is hawking its US property and casualty business to potential buyers.
-
Last week’s first round of half year results from Bermudian post 9/11 start-ups signalled an even stronger performance than last quarter. However, there were signs that increased competition is starting to drive down rates in some specialty reinsurance li
-
Marsh has missed key deadlines in its acquisition talks with HLF Group Plc, leading to speculation that the world’s largest insurance broker may withdraw from the proposed £350mn takeover.
-
Marsh, Willis and JLT continue to grow healthy brokerage revenues… Despite growing evidence that non-casualty pricing levels have plateaued, strong half-year results from Marsh, Willis and JLT show brokerage revenues continuing to grow.
-
Lloyd’s insurer Cathedral Underwriting Ltd has signed an agreement with CATEX, the technology and software company.
-
Giant European reinsurer Swiss Re was today (28 July) downgraded by rating agency Standard & Poor’s (S&P), lowering its financial strength and long-term counterparty credit ratings from AA+ to AA. The outlook remains stable.
