July 2009/2

Bermudian Max Capital Group saw its second quarter net income drop to $42.8mn compared to $74.2mn in Q2 2008, in part driven by a higher loss ratio and acquisition expenses in its property casualty business.

Bermudian reinsurer Flagstone posted robust second quarter results, booking a net income of $67.8mn, compared to $41.9mn in Q2 2008.

Bermudian reinsurer Everest Re saw second-quarter net income increase 78 percent to $272.6mn, compared to $153.0mn for Q2 2008, after being helped by higher premiums written and an increase in the fair value of its equity portfolio.

Axis Capital's president and CEO has berated the insurance market for lacking the courage to force through rate rises, as the Bermudian (re)insurer saw its second quarter profits drop from $231mn to $159mn.

Munich Re unveiled solid net profits of EUR703mn for the second quarter, up 11.9 percent on the prior-year period, as its primary division, ERGO, returned to the black.

Gallagher's Global Energy initiative took another decisive step this week with news that the firm has opened a Calgary office, The Insurance Insider can reveal.

White Mountains Insurance Group is restructuring its reinsurance business by converting its Bermudian reinsurance arm into a branch of White Mountains Re Sirius.

Canadian combine Fairfax Financial Holdings turned a net profit of $275.4mn for the second quarter, compared to just $27.6mn in the prior-year period, as it returned to underwriting profit in its (re)insurance operations and booked strong investment gains

Jardine Lloyd Thompson (JLT) impressed analysts with strong half-year figures, posting a 16 percent increase in turnover to £309.7mn, fuelled by organic growth that averaged 5 percent across divisions.

The House of Lords ruled that London-based facultative reinsurers Wasa International Insurance Company (Wasa) and AGF Insurance Ltd are not obliged to follow a settlement made in a US court.

Bermudian (re)insurer Aspen saw its net income drop from $126.9mn in the second quarter of 2008 to $110.4mn in Q2 2009, while its combined ratio jumped 8.9 percent year-on-year to 87.7 percent.

Joe Plumeri, chairman and CEO of broking giant Willis, has reiterated his firm's strong opposition to charging contingent commissions and stated that if the New York attorney were to re-enable the arrangements, Willis would not participate.