July 2007/3
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UK broker says defections not an issue as it appoints corporate financier to advise on options
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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
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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.
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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.
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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.
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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.
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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.
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Geoff Bromley, the chairman of Guy Carpenter’s European and Asian operations, is to join Aon, The Insurance Insider can reveal.
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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).
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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.
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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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Lloyd’s insurer Ascot Underwriting is set to open an office in Houston, Texas as it aims to secure locally placed energy business.
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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.
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Despite posting credible numbers for the first half of the year, Jardine Lloyd Thompson Group plc’s (JLT) share price fell almost 10 percent in early trading today as investors again reacted nervously to the bleak trading conditions confronting the firm.
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Lloyd’s Franchise Performance Director Rolf Tolle has committed to another two years in the role, ending the recent uncertainty over his future.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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The summer floods could cost the insurance industry more than £3bn ($6bn), warned Fitch Ratings this morning.
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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.
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UK-listed broker Jardine Lloyd Thompson (JLT) has expanded its Bermudian operations with the acquisition of Park (Bermuda) Ltd (Park) for up to $11.8mn cash.
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Class of 2005 reinsurer Ariel Re has become the latest Bermudian firm to buy into Lloyd’s with a £193.2mn deal for Atrium Underwriting plc.
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Giant US insurer American International Group (AIG) is the lead underwriter on the passenger jet that crashed into a fuel depot and burst into flames while landing in Sao Paulo last night, according to market sources.
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Bermudian reinsurer IPCRe has released a $100mn profit warning following recent storm and flood events on opposite sides of the globe in the UK and Australia.
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Tawa Group is set to float on London’s Alternative Investment Market (AIM) and become the first non-life run-off consolidator to list in London, The Insurance Insider can reveal.
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UK regulator the Financial Services Authority (FSA) has confirmed Hector Sants as its new chief executive in an internal appointment.
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Defying the old adage that "good years get better, and bad years get worse" is Syndicate 839, the former Trenwick Lloyd's operation which managed to post a £12mn profit last year on its 2001 and prior years.
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Our monthly column keeping check on US and EU legal and regulatory developments, in association with Sidley Austin LLP
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The reinsurance-to-close (RITC) of the Duncanson & Holt Syndicate 55 open years is the first third-party RITC this year – and the first to take place under Lloyd’s new rules designed to create greater flexibility in the process.
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Capita CMGL is to complete the reinsurance-to-close (RITC) transfer of the run-off Duncanson & Holt Syndicate 55 with capital supplied by CarVal Investors LLC, a fund backed by the agribusiness giant Cargill.
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"Class of 2005" insurer Lancashire Holdings Ltd bought an option last month to issue up to $49mn of equity any time throughout this year’s hurricane season.
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The alleged poaching dispute between Gen Re and Arch took a new turn last month when the temporary restraining order granted against Arch Capital and four former Gen Re executives in May was lifted and replaced...