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July 2006/5

  • OdysseyRe may be on the brink of losing its cherished A- financial strength rating after Standard & Poor’s (S&P) responded to the announcement by Canadian combine Fairfax Financial Holdings that it has discovered accounting errors which could reduce...
  • ICP Ltd, a proposed new investment vehicle specialising in the Lloyd's sector, has missed its deadline to list on the London Stock Exchange’s Alternative Investment Market (AIM).
  • US insurer CNA Financial Corp has scaled back its London Market operations further as its Global Resource Managers operation has stopped offering third-party services with the departure of its audit & consultancy team.
  • Bermudian (re)insurer Endurance Specialty Holdings suffered a drop in net income for the second quarter after it was hit by an $84mn increase in its losses from last year’s big three hurricanes.
  • Bermudian giant XL Capital reported late yesterday (26 July) that it had almost trebled its second quarter net income to $377.1mn, up from $135.9mn in the prior-year period.
  • US retail broker Arthur J Gallagher announced yesterday that its total brokerage for the quarter had risen to $47.7mn from $43.5mn in the prior-year period.
  • As exclusively revealed by The Insurance Insider on 24 July, Aeolus Re will become the latest reinsurer to begin operations on Bermuda following the raising of $500mn of capital.
  • Michael Bright, the colourful founder of collapsed UK insurer Independent Insurance, returned to Southwark Crown Court yesterday (25 July) for a preliminary hearing in the conspiracy to defraud trial relating to the collapse of the company.
  • Everest Re Group Ltd opened the mid-year reporting season for the Bermudian (re)insurers on the 24 July and set an upbeat tone with a strong set of figures.
  • US insurer Chubb Corp has reported yesterday (25 July) an “outstanding” second quarter of 2006 with net income rising to $598mn, compared to $495mn for the prior-year period.
  • In a busy day for (re)insurers’ interim results, Bermudian-headquartered ACE Ltd revealed a strong second quarter yesterday (25 July) with net income (excluding realised gains) climbing 31 percent to $579mn and a combined ratio of 88 percent for its prope
  • Munich Re said last week that it has recruited Ludger Arnoldussen from rival Swiss Re to its management board with responsibility for its Asian, Australasian and Africa division.
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