July 2006/6

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 (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.

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

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 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 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.

In a busy week for (re)insurers' interim results, Bermudian-headquartered ACE Ltd revealed a strong second quarter on 25 July with net income (excluding realised gains) climbing 31 percent to $579mn and a combined ratio of 88 percent for...

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.

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.

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.

The drive for Lloyd's insurers to control and own the capital supporting their syndicates continued last week with a series of offers by managing agents to buy the capacity rights from Lloyd's Names.

Swiss reinsurer Converium took another welcome step on the road to recovering its crucial A- rating today when Standard & Poor's (S&P) moved its ratings onto positive watch.