July 2009/2
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Following the strong recovery in the investment portfolio of its parent, Berkshire Hathaway Reinsurance Group has regained some of the catastrophe appetite it trimmed in the first quarter of the year, but not at current prices.
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American International Group (AIG) returned to the black as it booked its first quarterly profit since Q3 2007, largely driven by a significant drop in net realised losses.
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Aon's UK arm is lobbying the Financial Services Authority (FSA) to clarify its stance over the transacting of overseas business, amid concerns that a two-tier regulatory system may be developing.
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UK insurer RSA saw its first half net profit decline 24 percent to £223mn, but the figure was nevertheless in line with analysts' expectations under the current economic conditions.
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Hannover Re unveiled an ostensibly strong set of half-year results, with net profits up 66.1 percent to EUR419mn.
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Former American International Group (AIG) CEO Maurice "Hank" Greenberg will pay $15mn to settle past accounting issues relating to the company, reports suggest.
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Global insurer Zurich Financial Services Group (ZFS) has completed its search to replace its highly regarded chief executive James Schiro.
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Barnabas Hurst-Bannister, chairman of Travelers Syndicate Management and deputy chairman of the Lloyd’s Market Association (LMA), has been named as the new chairman of the London Market Reform Group (MRG), succeeding Peter Harmer...
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Soft market conditions in the US property casualty insurance market show little sign of abating, according to the latest data from Texas-based insurance exchange MarketScout.
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Marsh's single-minded focus on cost-cutting has again borne fruit in its quarterly earnings, with its operating margin leaping from 10.6 percent to 18.2 percent in the second quarter.
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Hardy Underwriting posted an upbeat half-year statement that included significant top-line growth, as it offered a pragmatic but optimistic assessment of future pricing prospects.
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Despite a strong showing by its core property casualty business that included a better-than-expected combined ratio of 89.4 percent, Swiss Re fell back into the red for the second quarter, as worse-than-expected mark-to-market losses and writedowns return
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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.
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Bermudian reinsurer Flagstone posted robust second quarter results, booking a net income of $67.8mn, compared to $41.9mn in Q2 2008.
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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.
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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.
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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.
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White Mountains Insurance Group is restructuring its reinsurance business by converting its Bermudian reinsurance arm into a branch of White Mountains Re Sirius.
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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
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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.
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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.
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Brit Insurance Holdings said it was enjoying organic growth in its three main trading divisions while again reassuring investors on the development of its sub-prime/financial liability exposures.
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Hannover Re's latest catastrophe bond, Eurus II, closed yesterday (29 July), providing the reinsurer with EUR150mn of European windstorm cover and taking overall 2009 cat bond issuance to $1.8bn.
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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.
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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.
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Aon and Willis reported flat and 1 percent organic revenue growth respectively in their core business for the second quarter, as a lingering soft market and difficult economic conditions combined to produce a challenging climate for the broking giants.
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French reinsurer Scor’s net income for the first six months of the year dropped by 24 percent from H1 2008 to EUR184mn, as investment income dropped from EUR348mn to EUR 149mn.
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Despite the Willis Group more than doubling second quarter net income from $39mn to $87mn, the sluggish performance of the firm's North American business highlighted the difficult conditions faced by brokers in the US insurance market.
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The Risk and Insurance Management Society (RIMS) has expressed "disappointment" and "concern" at the decision to allow broker AJ Gallagher to begin accepting contingent commissions again.
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Validus Holdings saw net income climb by $61.6mn or 81.2 percent year-on-year to $136mn for the second quarter, as it benefited from strong net unrealised investment gains.
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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.
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Lancashire Holdings expressed surprise at the markedly reduced demand for Gulf of Mexico (GOM) energy wind cover it experienced in the second quarter.
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AJ Gallagher has struck a deal with the Illinois regulatory authorities that will enable the US broker to again accept contingent commissions, signalling the strongest challenge yet to the so-called Spitzer legacy.
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A trio of Bermudian (re)insurers – RenaissanceRe, Montpelier Re and Endurance Specialty Holdings – booked higher Q2 net income bolstered by reserve releases and improving investment conditions.
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The big three global brokers have all seen their stocks trade upwards today following news that AJ Gallagher will be permitted to again enter into contingent commission arrangements from 1 October.
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Parkton Re Ltd, the cat bond put together for North Carolina's state wind pool, has become the latest 2009 issue to upsize as it increased from a planned $125mn to $200mn on closing.