July 2007/6

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.

Insurers Chubb Corp and WR Berkley began the second period US results season by reporting rising profits in an “outstanding quarter”.

Max Capital Group Ltd reported a strong second quarter, with net income increasing 477 percent over the prior-year period, to $94.1mn, or $1.45 per diluted share, despite gross premium income falling to $241.5mn from $284mn for the second quarter 2006.

Bermudian (re)insurer Arch Capital Group reported a healthy 44 percent rise in its net income of $199.4mn, or $2.65 per share, for the second quarter of this year.

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

Shares in Lloyd’s (re)insurer Beazley Group plc rose by almost 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.

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 last week.

Fast-growing Australian (re)insurer QBE Insurance Group Ltd has entered into a Joint Venture Agreement with the Rajan Raheja Group (RRG) to establish a general insurance company in India.

Markel Group has seen AM Best upgrade its financial strength rating on its London-based platform Markel International Insurance Co Ltd.

Lloyd’s insurer Novae 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.

Nottingham headquartered insurer IGI Group Ltd has closed its London office 18 months after it first opened as an underwriting branch.

UK insurer Brit Holdings plc announced the creation of an independent underwriting advisory forum as part of a group restructure.