July 2006/6

Boardroom changes at motor insurer Highway Insurance Holdings Plc have been backed by analyst Eamonn Flanagan of Shore 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 insurer Chubb Corp reported an "outstanding" second quarter of 2006 with net income rising to $598mn, compared to $495mn for the prior-year period.

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.

Florida Governor Jeb Bush is pushing for a resurrection of the state-run insurance pool in order to provide hurricane cover in the state which is desperately in short supply following the 2004-2005 storms.

In the week that MMC Inc's share price rose 5 percent on vague buy-out rumours, came a reminder that the spectre of Spitzer continues to haunt the company.

Giant US insurer American International Group (AIG) has ended its business relationship with American International Marine Agency (AIMA), a subsidiary of CV Starr & Co.

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.

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.

Bermudian reinsurer Max Re Capital reported on 28 July that its quarterly profits had slipped to $17.3mn, or $0.27 a diluted share, compared to $23.3mn, or $0.47 per diluted share in the prior-year period.

Privately owned UK broker Heath Lambert Group has announced a 19 percent rise in profit in its half-year trading statement today (31 July) - a day before its larger rival Jardine Lloyd Thompson Group plc unveils its own figures.