July 2006/6

“Class of 2005” start-up Lancashire Holdings Ltd has benefited from low claims during a benign first-half of 2006 to report net income of $39.3mn today (7 August).

German giant Allianz has upped its 2006 earnings forecasts following a set of strident second quarter figures that include a 64 percent rise in net profit to EUR2.3bn against analysts’ consensus of EUR2bn.

US insurer HCC Insurance Holdings reported "record" results yesterday (3 August) at the same time announcing its latest acquisition, the medical insurance division of Allianz Life.

An improved performance in the property and casualty division fuelled a 16 percent rise in net income at Swiss Re, when it announced its half-year profits of SFr1.6bn today (4 August).

Aon Corp was the last of the three global brokers to report its second quarter results this week and they were perhaps the least remarkable.

Strong growth from reinsurance was again a key positive from MMC’s second quarter results, but overall broking revenues were down on falling insurance rates and loss of clients in its European operations.

German reinsurer Munich Re announced half-year profits of EUR2.1bn today (3 August), a leap of 143 percent from last year, driven by both strong underwriting and investment returns.

Willis Group Holdings threw down the gauntlet to rivals MMC and Aon Corp with a solid quarter that included a ten percent organic growth in revenues and details of a new $1bn share buyback programme.

John Charman, the former Lloyd’s deputy chairman and founding president of AXIS Capital, has been ordered to pay his ex-wife £48mn in their divorce settlement.

The continuing popularity of reinsurance securitisations was reflected this week with news that Bermudian (re)insurer Endurance Specialty Insurance has acquired $235mn of multi-year, collateralised US natural catastrophe reinsurance cover from...

Jardine Lloyd Thompson Group plc (JLT) plans to overhaul its staff pension scheme in a bid to reduce the £146mn deficit which hangs over the company.

Bermudian life reinsurer Scottish Re was hit by a slew of downgrades following yesterday’s shock profits warning, collapse in its share price and the sudden departure of chief executive Scott E Willkomm.