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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.
  • 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.
  • 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.
  • 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.
  • John Doucette has joined Everest Re Group Ltd as executive vice president, after leaving his position at Max Capital earlier this month.
  • 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.
  • Asked about the effect of sub-prime on XL Capital last year, Henry Keeling described the fall-out from the crisis as presenting an "attractive opportunity" for the Bermudian (re)insurer.
  • XL Capital has entered into a $1.775bn agreement with Security Capital Assurance (SCA) that commutes its pre-IPO guarantees and reinsurance of the troubled bond insurer.