July 2007/3

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.

Lloyd’s Franchise Performance Director Rolf Tolle has committed to another two years in the role, ending the recent uncertainty over his future.

Shares in Lloyd’s (re)insurer Beazley Group plc rose by around 6 percent this morning (30 July) as it reported a doubling of profits in the first half of 2007 on the back of income growth, low claims and rising investment income.

Shares in IPC Holdings have continued to slip as the Bermudian cat reinsurer followed last week’s profits warning with confirmation of second quarter net hits of $62.6mn and $50.1mn respectively from UK and Australian storms and flooding in June.

Montpelier Re Holdings Ltd reported stable second quarter operating profits of $54mn as it took a $30.5mn hit from UK and Australian flood losses in the period, partially offset by reserve releases and an increase in investment income.

Bermudian (re)insurer Validus Holdings will make its debut on the New York Stock Exchange today (25 July) with shares priced at $22, below the $24-26 range it set at the beginning of the month.

Lloyd’s insurer Novae has issued an upbeat trading statement with improvements to its syndicate forecasts, a decrease in run-off expenditure and a better-than-expected assessment of the rating environment.

Bermudian giants ACE Ltd and XL Capital announced catastrophe charges of $88mn and $30mn respectively for the UK, US and Australian floods in their second quarter results yesterday.

London market reinsurers led by Allianz have suffered a blow following a High Court decision in their controversial EUR44.3mn dispute with the North Korean national reinsurer.

Bermudian reinsurers Everest Re Group and PartnerRe Ltd emerged relatively unscathed from high-profile second quarter Australian and UK cat events to report net earnings increases of 28 percent and 35 percent, respectively, for the period.

The summer floods could cost the insurance industry more than £3bn ($6bn), warned Fitch Ratings this morning.