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.

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.

Lloyd's (re)insurer Advent Capital Holdings plc share price fell by over 5 percent in early trading after revealing the extent of the year's heavy catastrophe claims.

Andrew Horton has made his first public appearance as the new Beazley CEO Lloyd's insurer became the first to report its 2008 interims.

Munich Re shares have fallen more than 11 percent this morning after the company issued a profits warning for the second quarter and full-year 2008 as its investment performance suffers amid capital markets turmoil.

Beazley Group posted credible half-year results this morning (25 July) as it became the first Lloyd’s insurer to report its 2008 interims.

Max Capital Group has become the latest Bermudian (re)insurer to acquire a Lloyd's platform after buying Imagine Group (UK) Ltd.

The erratic pattern of Hurricane Dolly has provoked a debate amongst rival risk modelling firms over the extent of US insured losses after the storm made landfall in Texas yesterday (23 July).

Lloyd's insurer Amlin plc is poised to enter the US market with a representative office in Illinois taking advantage of Lloyd's admitted licence to operate in the state.

US insurer Allstate appears to be emerging as the only serious contender in the auction of Royal Bank of Scotland’s (RBS) insurance operations as Friday’s bid deadline draws close.

Bermudian reinsurers Montpelier Re Holdings Ltd and Platinum Underwriters Holdings Ltd revealed mixed results for the second quarter as favourable reserve development helped mitigate the impact of softening market conditions on the bottom line.

Japanese insurer Tokio Marine Holdings is set to continue on its expansionary path with a $4.7bn deal to buy non-life insurer Philadelphia Consolidated Holding Corp (PCHC) in what would be the largest US acquisition by a Japanese financial firm.

Dutch insurance giant AEGON has closed a £250mn value in-force (VIF) life insurance securitisation with Barclays Capital that unlocks cash tied up in its primary UK subsidiary, Scottish Equitable.

Imagine Group Holdings Ltd's chief underwriting officer Robert Forness is set to leave the (re)insurer to head up Hiscox Bermuda, The Insurance Insider can reveal.

Hannover Re has received its second ratings boost this year as AM Best upgraded its issue credit rating from A to A+ and affirmed its A financial strength ratings with a positive outlook.

American International Group (AIG) was among a number of financial companies in the US to be hit by fresh concerns over financial health, in a tough day of trading for the international equity markets.

UK motor underwriters were buoyed by the news that average premiums increased in the second quarter after reporting falling rates for the first quarter, according to the AA's Insurance Index.

Swiss Re shares fell to a 52-week low of SFr56.50 on the announcement of a $9.6bn exposure to the debt of US mortgage financiers Freddie Mac and Fannie Mae today (16 July).

London market independent (re)insurance broker Cooper Gay & Co Ltd is in talks with Xchanging over a deal to outsource a number of business back office functions, The Insurance Insider can reveal.

Willis Group Holdings has announced the appointment of Gary Schmalzriedt as the chairman of its reinsurance brokerage, Willis Re.

Broking giant Marsh has parted company with Artur Niemczewski, CEO of its UK multinational division, The Insurance Insider can reveal.

American International Group (AIG) has bought out management and staff in Ascot Underwriting Holdings Ltd as its Lloyd’s arm becomes a 100 percent owned subsidiary.

Frontrunner Zurich Financial Services Group (ZFS) has pulled out of the bidding process for the insurance business of the Royal Bank of Scotland (RBS).

Stefan Lippe is to become Swiss Re's deputy CEO and COO, replacing Andreas Beerli, the reinsurance giant has announced.