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July 2007/3

  • Despite continued stock market volatility on sub-prime fears, shares in American International Group (AIG) are expected to trade up today after the US insurance giant beat analysts’ consensus by 10 percent with adjusted second quarter net profits of $4.63
  • UK broker says defections not an issue as it appoints corporate financier to advise on options
  • On reporting a £120mn combined flood loss for June and July, UK (re)insurer Royal & Sun Alliance (R&SA) revised its combined ratio expectation upwards to 96 percent for the full year.
  • Andrew Carrier, the former active underwriter of Kiln’s Lloyd’s Syndicate 557 and the reinsurance division of its Syndicate 510, will join Bermudian firm Peleus Re later this year.
  • Marsh & McLennan Companies Inc (MMC) reported slow second quarter revenue growth in its broking division as new business wins were offset by the softening commercial (re)insurance market.
  • In a further sign of the relatively low impact of June’s UK floods on the major reinsurers, Munich Re reported a second quarter hit from major losses of EUR111mn as it posted flat net profits of EUR2.1bn for the half-year and raised 2007 earnings targets.
  • UK insurers have finally confirmed this week that they will increase rates following this summer’s flooding which is estimated to cost the industry around £3bn.
  • Geoff Bromley, the chairman of Guy Carpenter’s European and Asian operations, is to join Aon, The Insurance Insider can reveal.
  • Broker Willis Group Holdings reported net income of $78mn, or $0.54 per share, 8 percent up on the prior-year period in what was described as “another strong quarter” for the firm as it announced its interim results yesterday (1 August).
  • Geoff Bromley has left the global reinsurance broker, Guy Carpenter & Co, where he was chairman of the company’s non-Americas operations in Europe and Asia-Pacific, The Insurance Insider can reveal.
  • Bermudian firm RenaissanceRe Holdings Ltd (RenRe) has upped its estimates for catastrophe reinsurance business after writing more premiums than expected in the first half of the year.
  • Broking giant Aon Corp said it is again mulling the sale of its underwriting business, Combined Insurance Company of America (CICA), as it announced a 9 percent rise in brokerage revenue for the second quarter.
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