July 2006/6

Michael Bright, the colourful founder of collapsed UK insurer Independent Insurance, returned to Southwark Crown Court on 25 July for a preliminary hearing in the conspiracy to defraud trial relating to the collapse of the company.

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.

Boardroom changes at motor insurer Highway Insurance Holdings Plc have been backed by analyst Eamonn Flanagan of Shore Capital.

As exclusively revealed by Insider Week on 24 July, Aeolus Re will become the latest reinsurer to begin operations on Bermuda following the raising of $500mn of capital.

Matthew Fosh, the chief executive of the recently rebranded UK insurer Novae Group plc, has described his company's updated Lloyd's syndicate forecasts as a "quiet delivery" of the group's objectives.

US retail broker Arthur J Gallagher announced on 26 July that its total brokerage for the quarter had risen to $47.7mn from $43.5mn in the prior-year period.

Quarterly profits were up to $137.8mn, compared to $126mn in the prior-year period, at Bermudian (re)insurer Arch Capital when it announced its results on 27 July.

Bermudian reinsurer Montpelier Re Holdings reported on 28 July net income of $57.6mn for the quarter, down 47 percent from $108.7mn in the prior-year period, as last year's storm losses continued to be felt.

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.

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 on 26 July that it had almost trebled its second quarter net income to $377.1mn, up from $135.9mn in the prior-year period.

The independent London market broker Glencairn Ltd has poached James Baird and Paul Richards from rival Jardine Lloyd Thompson Group plc, Insider Week can reveal.