July 2006/6
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“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).
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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.
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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.
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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).
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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.
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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.
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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.
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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.
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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.
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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...
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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.
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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.
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Heritage Underwriting Agency plc has become the latest specialist Lloyd’s insurer to list on London Stock Exchange’s Alternative Investment Market (AIM) after trading in its shares began today.
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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.
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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.
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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.
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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.
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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.
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US insurer St Paul Travelers on 27 July reported a dip in net income which fell to $970mn, or $1.40 per basic share, for the second quarter compared to $1.069bn, or $1.59 per basic share in the prior-year period.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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...
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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.
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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.
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ICP Ltd, a proposed new investment vehicle specialising in the Lloyd's sector, has effectively withdrawn its plan to IPO on London Stock Exchange's Alternative Investment Market (AIM) after failing to raise sufficient funds.
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The "long reach" of US law in extraditing the "NatWest Three" bankers from the UK has highlighted the wordings requirements needed from directors' and officers' (D&O) liability insurance, according to Marsh Ltd.
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Shares in Canadian combine Fairfax Holdings had dropped 3.45 percent by the end of trading on Friday 28 July - and are down around a third in the last year - after a tumultuous week which witnessed possible ratings actions...
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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.
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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.
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Giant US insurer American International Group (AIG) has ended its business relationship with American International Marine Agency (AIMA), a subsidiary of CV Starr & Co.
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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.
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Boardroom changes at motor insurer Highway Insurance Holdings Plc have been backed by analyst Eamonn Flanagan of Shore Capital.
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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.
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