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July 2008/1

  • Two former directors of failed Lloyd’s insurer Euclidian Underwriting Ltd have been fined, ordered to pay costs and agreed not to transact business at or set foot in Lloyd’s without prior permission after being found to have failed to deal “in a transpare
  • Jardine Lloyd Thompson Group plc (JLT) has booked a 9 percent increase in top-line revenues and underlying profits in its half-year results, despite a drop-off in its reinsurance business.
  • Broking giant Aon Corporation has booked a 6 percent rise in Q2 revenues to $2bn, driven by organic growth of 2 percent and a trend-bucking increase in business in its reinsurance operations.
  • Outsourcing firm Xchanging is set to announce a deal with the expansive (re)insurance broker Cooper Gay & Co Ltd to run the firm's back office, as predicted by The Insurance Insider.
  • Willis Group Holdings Ltd saw its profits fall 50 percent for the second quarter after a "significant impact" from its cost-cutting programme.
  • Lloyd's (re)insurer Novae Group plc has announced pre-tax profits of £16.8mn after reporting an increase in net earned premiums and a strong investment result.
  • John Doucette has joined Everest Re Group Ltd as executive vice president, after leaving his position at Max Capital earlier this month.
  • ACE Limited piled more pressure on its old rival XL Capital with strong second quarter results as it booked a 15 percent rise in net income to $746mn.
  • Lloyd's (re)insurer Advent Capital Holdings plc has seen its share price leap by six percent after confirming it has received a takeover bid from its largest shareholder, the Canadian combine Fairfax Financial Holdings Ltd.
  • Investors and rating agencies were bearish on XL Capital's plans to free itself from the shackles of its bond liabilities by raising $2.5bn in equity and other securities.
  • Deutsche Bank and Guy Carpenter have formally closed the innovative cat bond Blue Coast Ltd, which sees Allianz securitise $120mn of US wind exposures in a new structure designed to minimise basis risk.
  • Bermudian reinsurer PartnerRe Ltd has revealed a $26mn loss for the second quarter of 2008 as it announced almost $220mn in investment losses as it became the latest victim of capital market turmoil.
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